Flagstone Re said poor investment results were primarily responsible for a 2008 fourth-quarter net loss of $75.6 million, or 89 cents per share, compared to 2007 fourth-quarter net income of $51.4 million, or 60 cents per share.
For all of 2008, the Bermuda-based reinsurer and specialty insurer reported a net loss of $187.3 million, or $2.20 per share, compared to net income of $167.9 million, or $2.05 per share in 2007.
Net realized and unrealized investment losses for the 2008 fourth quarter totaled $111.8 million, compared to losses of $1.6 million for the 2007 fourth quarter. For the year, net realized and unrealized investment losses totaled $272.2 million, versus gains of $17.2 million in 2007.
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