Byrne steps down from Flagstone board – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Byrne steps down from Flagstone board

Mark Byrne has stepped down from the board of Flagstone Reinsurance Holdings, the company he co-founded in Bermuda five years ago.The Royal Gazette that he planned to sail around the Pacific Ocean for a year with his family, checking out some business opportunities in Asia en route.

The company also announced yesterday that it would pay more than $100 million to buy shares and a warrant owned by companies associated with Mr Byrne.

Mr Byrne stepped down as executive chairman in May this year. At that time, he told

In a statement, Mr Byrne said: “I very much appreciate the board's thanks and gratitude and am confident that the future of Flagstone is in solid hands.”

The company, founded in the wake of Hurricane Katrina in late 2005, has since redomiciled its holding company to Luxembourg, but maintains an underwriting operation in Bermuda.

Daniel James, Flagstone's chairman, said: “As one of our founders and executive chairman, Mark was instrumental in establishing and building Flagstone into the company it is today.

“On behalf of the board of directors, I would like to thank Mark for his service and commitment to Flagstone these past five years, and wish him the best in his future endeavours.”

Flagstone (Bermuda) Holdings Ltd said it had agreed to purchase just over eight million shares of Flagstone Reinsurance Holdings SA owned by companies associated with Mr. Byrne for $91.86 million.

The shares were sold for $11.4823 apiece, a price based on a discount to the trailing average closing stock price. The purchase is equivalent to 10.4 percent of Flagstone's outstanding shares before the transaction.

Additionally, Flagstone paid $13.5 million to a company associated with Mr Byrne for a warrant issued at the time Flagstone was founded.

Yesterday, Flagstone's shares fell five cents to close on $12.20 in New York Stock Exchange trading.

Mark Byrne

You must be Registered or to post comment or to vote.

Published December 09, 2010 at 1:00 am (Updated December 09, 2010 at 2:34 pm)

Byrne steps down from Flagstone board

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon