Bermuda-based Flagstone Reinsurance Holdings Limited has issued a bulletin, which sates that it “t has no exposure to funds managed by Bernard L. Madoff Investment Securities LLC.”
Flagstone also reiterated that, “following the changes to its asset portfolio in October, the current portfolio is extremely low-risk and high quality with 94.5 percent of assets in fixed maturities and cash and no exposure to equities or hedge funds.
“Furthermore, the average credit quality of the portfolio is AAA with no exposure to sub-prime assets or CDO’s, less than 10 percent in prime Residential Mortgage Backed Securities and 1.2 percent in Commercial Mortgage Backed Securities.”
Source: Flagstone Reinsurance Holdings – www.flagstonere.bm
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