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Flagstone Re Reports Second Quarter 2012 Results

Treasury hedging and other

Net realized and unrealized gains and losses – other

The Company's policy is to hedge the majority of its currency exposure with derivative instruments such as currency swaps and foreign currency forward contracts. Net realized and unrealized (losses) gains - other amounted to ($5.0) million and $1.4 million, respectively, for the three and six months ended June 30, 2012, compared to $14.0 million and $13.3 million, respectively, for the same periods in 2011.

The components of the ($5.0) million losses and $1.4 million gains for the three and six months ended June 30, 2012, are as follows:

 

For the three months ended

    For the six months ended
  June 30, 2012   June 30, 2012
 
(Expressed in thousands of U.S. dollars)
Currency swaps $ (937 ) $ (509 )
Foreign currency forward contracts   (4,053 )   1,902  
Net realized and unrealized (losses) gains - other $ (4,990 ) $ 1,393  

Interest expense

Interest expense was $3.0 million and $5.9 million, respectively, for the three and six months ended June 30, 2012 compared to $2.9 million and $5.7 million, respectively, for the three and six months ended June 30, 2011. Interest expense consists of interest due on outstanding debt securities and the amortization of debt offering expenses.

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