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.
For the first six months, net income rose 58 percent to $50.3 million, or 64 cents per share, compared with $31.8 million, or 47 cents per share for the first half of 2006.
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