Flagstone in $104m Cat bond deal
As first revealed by Reinsurance in May 2008 Bermudian reinsurer Flagstone Re has announced that it has bought a three-year fully collateralised retrocession on an indemnity basis from Valais Re a Cayman Islands special purpose reinsurer.
To fund the deal, Valais Re has issued USD $64m of Annual Aggregate Class A notes and USD $40m of Per Occurrence Class C notes to collateralise its obligations under the retrocession agreements.
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