Bermuda-based Flagstone Reinsurance Holdings Ltd. has named a new chief financial officer and has switched the base for the job from Bermuda to Switzerland.

Flagstone announced on Friday that Patrick Boisvert will become the group's new CFO, taking over from James O'Shaughnessy, who will remain CFO of the company's Bermuda operations.

Two months ago the class of 2005 start-up announced a restructuring of the company which involved its Bermuda reinsurance unit, Flagstone Reinsurance Ltd., being merged into its Switzerland-based Flagstone Reassurance Suisse SA.

The idea was for the merged entity, which carries the name of the Swiss unit, to benefit from a single capital base to support Flagstone's reinsurance business.

Switching the role of CFO from Bermuda to Switzerland is a logical progression, according to Flagstone chief executive officer David Brown.

"Following the recent restructuring, our Swiss company has become the repository of the bulk of our capital," Mr. Brown said.

"As a consequence, recent acquisitions all fall under this company and it has become the nexus of our financial reporting. Accordingly, it makes sense that group CFO responsibility is based there.

"Patrick and James have operated wonderfully as a team since the early days of Flagstone and will continue to do so following this change. I look forward to continuing my work with both of them as we continue to build on our success."

Mr. O'Shaughnessy has been Flagstone's group CEO since he joined the company in May 2006.

Mr. Boisvert will remian in Flagstone's Martigny office in his new role, which he will take in addition to his current responsibilities as CFO of Flagstone Reassurance Suisse.