Flagstone Reinsurance Holdings has joined the growing trend of re/insurance companies listing on the Bermuda Stock Exchange.

The Bermuda-based global reinsurance company, which specialises in property catastrophe, property and specialty reinsurance business, had its second listing of 85,309,107 common shares approved by the listing committee of the BSX and was presented with a trophy to signify the listing at its offices in Church Street yesterday.

Only last month, Lancashire Holdings, which has a market capitalisation of $1.38 billion, decided to sign up for a secondary listing on the Exchange in a bid to improve its visibility in the Island's business community and to provide support to the local economy.

Mark Byrne, chairman of Flagstone, explained that listing on the BSX was always an option after listing on the New York Stock Exchange to allow people to access its shares outside of the US market, while giving the company greater exposure to potential investors globally.

"It was an obvious thing to do," he said.

"We are all local guys and this company has been run by people who have been here a long time and Bermuda is our home.

"I think the BSX has been a great success - there have been some early pioneers and most companies that have gone public have listed on the exchange.

"In terms of its recognition as a well regulated exchange it is up there with the highest standards in the world."

Flagstone Re and Flagstone Réassurance Suisse have received A- financial strength ratings from both AM Best and Fitch Ratings, and A3 ratings from Moody's Investors Service.

The listing of Flagstone's common shares was sponsored by CAPITAL G BSX Services Ltd.

Greg Wojciechowski, president and chief executive officer of the BSX, said: "I am delighted to welcome Flagstone Reinsurance Holdings to secondary listing on the BSX. The addition of Flagstone Reinsurance brings the number of prestigious Bermuda-based insurers listed on the BSX to 11.

"At the BSX, we have worked very hard to deploy a state of the art internationally recognised listing and trading platform in Bermuda. As the insurance and capital market industries continue to move closer together, it is very apparent that Bermuda and the BSX should be the facilitator or intersection point.

"That said, I look forward to working with the Bermuda insurance industry to bring to market new and exciting products that are listed and traded exclusively on the BSX in Bermuda."

David Brown, Flagstone chief executive officer, said: "We are extremely pleased to add a secondary listing on the BSX and show our support for the continued development of the local marketplace."

Kirk Davis, representing CAPITAL G BSX Services, said: "We are pleased to have been able to assist Flagstone Reinsurance Holdings with their listing on the BSX."