Flagstone Reinsurance asks shareholders to approve move to Luxembourg from Bermuda

Flagstone Re asks holders to OK move to Luxembourg

NEW YORK — Flagstone Reinsurance Holdings Ltd. on Monday said its board urged shareholders to approve a plan to change the company’s place of incorporation to Luxembourg from Bermuda.

The company, which sells insurance and reinsurance, needs approval from its shareholders and certain regulators to make the move.

It expects the move to take place over several months following shareholder approval. It does not expect the change to have any material effect on its operations or financial results.

Flagstone, which was formed in December 2005 and went public in 2007, said its existing office in Luxembourg will become the corporate holding company office. Its main offices will remain in Switzerland, and it will continue to maintain offices in Bermuda.

The company said its shares will continue to trade under the ticker symbol FSR on the New York Stock Exchange, and on the Bermuda Stock Exchange.

No date was set for the shareholder vote.

In afternoon trading, Flagstone shares added 22 cents, or 2 percent, to $11.37.