A founding director of Bermuda 2005 start-up Flagstone Reinsurance is to retire from the board.

Flagstone Reinsurance Holdings Limited has announced that Nicholas Brumm will not stand for re-election at the company's July annual general meeting.

Chairman Mark Byrne said: "Nick Brumm has been an energetic and independent director.

"His counsel has been of great use to our company since our inception, perhaps most importantly around our recent IPO.

"We will miss his sound advice. We wish him well. "With Nick not standing for re-election, Flagstone will have 11 directors, of whom nine are independent.

" We are actively recruiting a twelfth independent director."

Flagstone Re achieved a profit of $35.6 million in the first quarter of 2007 and raised $175.5m with its initial public offering in April.

It has has received "A-" financial strength ratings from both AM Best and Fitch Ratings, and an "A3" rating from Moody's Investors Service.