NU Online News Service, May 24, 1:48 p.m. EDT
Less than a week after announcing completion of a domicile change–from Bermuda to London–Flagstone Reinsurance Holdings, S.A. announced that co-founder Mark Byrne has decided to step down from his role as chairman of the board.
Mr. Byrne will continue to serve as a non-executive member of the board of directors, while Daniel James will succeed Mr. Byrne as chairman, the company said.
Mr. James has been a director of the Flagstone board since its inception in 2005.
David Brown, who co-founded the company with Mr. Byrne and who has since served as Flagstone's chief executive officer, will continue in that role, as will all other members of senior management, Flagstone said.
In today's statement, Steve Coley, chairman of Flagstone's governance committee, noted the benefits of the combined five-year leadership of Mr. Byrne and Mr. Brown. Mr. Coley said it was Mr. Byrne who recommended that executive leadership consisting of only one of the founding partners would be required to take the business forward, since the company "has reached a certain degree of maturity."
The board agreed, Mr. Coley said, adding that the board was very grateful for Mr. Byrne's "substantial contribution to Flagstone's significant growth and maturity in a short time."
He added, "We have great confidence that Flagstone will continue to grow and prosper under [Mr. Brown's] ongoing leadership."
Mr. Coley also noted the commitment of Mr. James, the new non-executive chairman, to Flagstone.
Mr. James is a founding partner and head of North American operations for Trilantic Capital Partners, a private equity firm managing more than $3.6 billion.
Prior to TCP, Mr. James was head of North America for Lehman Brothers Merchant Banking, Flagstone said.
Flagstone Reinsurance Holdings, S.A., through its operating subsidiaries, is a global reinsurer and insurer that employs a focused and technical approach to the property catastrophe, property, and specialty reinsurance and insurance businesses.
Flagstone's re-domestication became official last week, following the completion of legal formalities in Bermuda and Luxembourg. The re-domestication was previously approved by Flagstone's shareholders at the annual general meeting on May 14.
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