The co-founder of Flagstone Reinsurance Holdings has retired from the company's Board of Directors about six months after it was announced he would step down as executive chairman.
Flagstone said it will buy more than eight million shares of Flagstone--about 10.4 percent of the company's outstanding shares--owned by companies associated with co-founder Mark Byrne for about $11.50 per share.
Mr. Byrne was serving as a non-executive member of the board of directors. Daniel James, a founding partner and head of North American operations for private equity firm Trilantic Capital Partners, succeeded Mr. Byrne as chairman.
Flagstone (Bermuda) Holdings has also agreed to buy a warrant issued to a company associated with Mr. Byrne at the founding of Flagstone Reinsurance Holdings for $13.5 million. Flagstone was incorporated in November 2005.
Mr. Byrne was the founder and chief executive of hedge fund manager West End Capital Management. He is the son of John J. Byrne, former chair of Montpelier Re Holdings and White Mountains, and co-founded Rockridge Reinsurance Ltd. in 2005, which assumed high-layer business from Montpelier.
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