Hedge fund titan Paul Singer has been loading up on shares of Flagstone Reinsurance Holdings SA over the past two months gaining seven percent, or over four million shares, of the Bermuda reinsurer’s outstanding common stock, according to regulatory filings.
Singer’s firm — Elliott Management Corp. — purchased a combined 857,063 shares of Flagstone over the past sixty days, according to a notice filed with the Securities and Exchange Commission on Monday. Over 340,000 shares were purchased by subsidiary Elliott Associates while 513,841 shares were purchased from the firm’s Elliott International operations.
The total cost of the fund’s stake in Flagstone was $39.4 million, filings say.
Singer and his $15 billion fund traditionally focuses on distressed investments and company turnarounds. Flagstone shares have been struggling of late and our down 45 percent year-to-date.
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