Flagstone Reinsurance Holdings Limited announced second-quarter net income dove 44 percent due to the company’s relatively high exposure to international business, specifically from the United Kingdom and Australian floods.

With $32.5 million of net losses from June floods in the United Kingdom and $23.5 million from New South Wales, Australia, Flagstone’s second-quarter bottom line came in at $14.7 million, or 17 cents per share, compared with $26.1 million, or 36 cents per share for the same period last year.

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