Flagstone Reinsurance Holdings Limited announced a 7.6 percent decline in net profit in the first quarter of 2008 compared to the same period in 2007, due mainly to investment losses.
The Bermuda-based reinsurer reported a net income of $32.9 million for the quarter, compared to $35.6 million in 2007.
The company's underwriting results were described as "very strong" by David Brown, Flagstone chief executive officer, in a statement. Net written premiums increased from $198.8 million in the first quarter of 2007 to 226.2 million in 2008.
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