Flagstone Renews Commitment to Nova Scotia

Mar 11, 2009

Nova Scotia's first international financial services company has renewed its commitment to the province.

Flagstone has been growing in Halifax since the company established its Nova Scotia operation in 2005. Nova Scotia Business Inc. has worked closely with the company, supporting its success.

The province, through NSBI, will support Flagstone's growth with a new three-year payroll rebate to a maximum of $1,310,400. The rebate is an earned incentive and will be applied to as many as 80 new positions over the term of the agreement.

Premier Rodney MacDonald made the announcement today, March 11, with Murray Scott, Minister of Economic and Rural Development, David Brown, CEO of Flagstone, and Stephen Lund, president and CEO of NSBI.

"The province has been a committed partner in Flagstone's growth over the years," said Premier MacDonald. "Building and maintaining strong relationships is at the heart of doing great business."

The company hires people with graduate degrees, doctorate degrees, and highly specialized technical skills for jobs in finance and IT infrastructure.

"Nova Scotia has always been a great place to do business," said Mr. Scott. "Flagstone has adapted to global opportunities and economic change, and Nova Scotia continues to be an ideal location for the company." 

Since 2005, Flagstone has expanded its global footprint in the insurance and reinsurance areas of the financial services industry. Reinsurance allows insurance companies to protect themselves against the risk of losses.

"Halifax was Flagstone's first global move out of Bermuda in 2005," said Mr. Brown. "From talent and technology, to competitive business costs, there is no question that Nova Scotia will continue to be key to our long-term success."

Flagstone intends to hire professionals from within the Nova Scotia workforce. Because talent is in high demand, the company may need to recruit expatriate Nova Scotians or new Nova Scotians.

Because of the higher costs of recruiting new residents, NSBI is also providing a recruitment incentive of up to $156,000. The incentive can apply to up to 15 of Flagstone's new positions.

"My team has been working closely with Flagstone since 2005," said Stephen Lund, president and CEO of NSBI. "Today's announcement speaks to the quality of Nova Scotia's workforce and our success on the international stage -- despite global economic challenges."                                                                   

Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused, technical approach to the property, property catastrophe, and specialty reinsurance and insurance business. Flagstone Reassurance Suisse SA has an A- financial strength rating from both A.M. Best and Fitch ratings, and an A3 rating from Moody's Investors Service.

Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment-attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.