RAM enters quota share deal

Hamilton-based RAM Holdings Limited has announced its operating subsidiary, RAM Reinsurance Company Ltd. has entered into a quota share reinsurance treaty with Assured Guaranty Corporation.

Assured Guaranty is a wholly owned subsidiary of Assured Guaranty Ltd. The treaty is for an initial term of one year, effective January 1 this year, subject to renewal, and requires Assured to cede, and RAM Re to assume, a proportionate share of financial guaranty policies written by Assured, subject to limitations and exclusions.

"We are pleased to have this opportunity to strengthen our relationship with our customer, Assured," said Vernon Endo, president and chief executive officer of RAM Holdings.

"As a result of the new treaty with Assured, we now have quota share treaties with six of the seven triple-A rated primaries, and have taken another step forward in executing our strategy to increase our market presence."

Assured Guaranty is a wholly owned subsidiary of Assured Guaranty Ltd.

Flagstone raises another $100m

Bermuda's Flagstone Reinsurance Holdings Limited has raised an additional $100 million through two private sales of Junior Subordinated Deferrable Interest Debentures.

The additional capital will be used to increase the capacity of Flagstone's underwriting operations.

The debentures have a floating rate of interest equal to three-month LIBOR plus 300 basis points, reset quarterly. The debentures mature on July 30, 2037, and may be called at par by the company at any time after July 30, 2012.

Symetra aims for $750m IPO

Symetra Financial — which is partly owned by Bermuda-based White Mountains Insurance Group — plans to float on the New York Stock Exchange.

The US company said on Friday it plans to sell $750 million worth of stock in an initial public offering.

Symetra, which is also partly owned by Warren Buffett's Berkshire Hathaway, sells life insurance, annuities, group-health and retirement products.

It will list shares on the NYSE under the symbol SYA.

The company employs more than 1,200 people in the US and had total assets of $19.9 billion as of March, the company said in its filing with the Securities and Exchange Commission.

Berkshire and White Mountains "would continue to have the collective ability to significantly influence all matters requiring stockholder approval" after the IPO, according to the filing. The company did not disclose which shareholders would sell their stock or how much they would divest. Berkshire and White Mountains each own 3.1 million shares, for a combined 48.2 percent of Symetra stock.