Insurance is a mixed bag these days. Rates seem to be firming up, but many reinsurance companies have had to absorb losses tied to several disasters. Unfortunately, underwriting discipline has apparently become a problem at Flagstone Reinsurance (NYSE:FSR), and investors are looking at a multi-year rebuilding story with this insurer.
Fourth Quarter Results More of the Same, Only More so
Flagstone ended the year on pretty weak footing. Gross written premiums dropped 3%, while net written premiums fell 18%. To a certain extent, this was not very surprising - not only have many reinsurers seen iffy premium growth, but Flagstone has been actively looking to cut its risk exposure.
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