Startup reinsurer Flagstone Re has completed an initial capitalization of more than $715m.
Flagstone, which primarily writes property and specialty reinsurance, said it is fully operational, with an established operating platform in Bermuda, Nova Scotia and India and has already underwritten a "substantial amount of business" for the 2006 year.
David Brown, Flagstone's chief executive officer, said: "There is a significant demand for underwriting capacity as a result of the hardening market and the aftermath of hurricanes Katrina, Rita, and Wilma."
The company has an initial A- financial strength rating from AM Best.
