Hedge Fund’s Flagstone Re Stake Increases

Elliott Management Corp. – the activist hedge fund run by Paul Singer – now owns over 9 percent of the outstanding common stock of Flagstone Reinsurance Holdings SA after slowly buying up shares over the past several months.

According to a notice filed with the Securities and Exchange Commission on Wednesday, Elliott and its subsidiaries now own 9% of Flagstone’s outstanding common stock or 6,312,250 shares. That’s up from 7 percent of the stock a month ago, filings show.

The fund was especially active in October, snapping up 280,000 shares of the Bermuda-based reinsurer on October 18th (a day before the filing) for $8.30 apiece.

The total cost of the fund’s stake in Flagstone was $50.5 million, filings say.

Singer and his $15 billion fund traditionally focuses on distressed investments and company turnarounds.


Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Risk Market News.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.