Bermuda – Insurance company's net income rises in Q2.

In a recently published report, Flagstone Reinsurance Holdings Limited announced a rise on the company's net income in Q2 2008. The company's CEO declared that such growing is a consequence of the their continuing effort to provide world-class, value-added service to all clients. The company's net income in Q2 2008 increased to $41.9 million ($0,49 per diluted share), in comparison to $14.7 million ($0,17 per diluted share) in the same period of 2007.

On another note from Flagstone's chairman, he classified the second quarter as a positive one for the company, as they continue to build out a unique global platform. The company also finalized terms and integrated company Imperial Re into the group, renamed as Flagstone Reinsurance Africa Limited. Other important step in the company's difersification strategy in the period was the acquisition of a substantial minority position in Alliance Re of Cyprus, as added by the chairman. The website of the company offers further details as the full report, additional comments and details on how to access the investor's conference call.