NEW YORK (Dow Jones/AP) — Shares of Flagstone Reinsurance Holdings Ltd. were little changed on Friday in first-day trading on the New York Stock Exchange.Stock of the Bermuda-based company closed at $13.48 on the New York Stock Exchange, down 2 cents from the initial public offering price.

The IPO price was at the midpoint of the expected, per-share range of $12.50 to $14.50 set by underwriters Lehman Brothers Holdings Inc. and Citigroup Inc. The offering included 13 million shares.

Flagstone provides property catastrophe reinsurance coverage to insurance companies and other reinsurers.

The company’s debut on the NYSE comes one week after another Bermuda-based reinsurer, CastlePoint Holdings Ltd. racked up double-digit gains on its first day of trading on the Nasdaq Stock Market. CastlePoint closed Friday at $16.36 — up nearly 13 percent from its IPO price of $14.50.

Since beginning its operations in December 2005, Flagstone has mostly reinsured risks that are related to natural catastrophes, such as hurricanes and earthquakes in North America and Europe, although it has also underwritten business in Japan, Australasia and the Caribbean.

Flagstone was formed by Haverford (Bermuda) Ltd., a company controlled by Flagstone’s chairman, Mark Byrne, and its chief executive, David Brown.

After the IPO, Haverford has an 11.8 percent stake in Flagstone, down from 13.9 percent previously.

Flagstone’s largest shareholder, Lehman Brothers, has a 18.7 percent stake, down from 22.1 percent previously.

In 2006, Flagstone reported net income of $152.3 million on gross premiums of $302.5 million. Of that, $219.1 million was property catastrophe reinsurance.

Flagstone has raised about $850 million through private placements of its shares and the issue of deferrable interest debentures.

The company plans to use almost all the proceeds to increase the underwriting capacity of Flagstone’s reinsurance operations.

Subject to board approval, Flagstone intends to pay a quarterly cash dividend of about 4 cents a share, beginning in the second quarter.