Flagstone Reinsurance, a Bermuda-based provider of property catastrophe reinsurance, priced its initial public offering of 13 million shares at $13.50, the midpoint of its proposed $12.50 to $14.50 range, on Thursday night. The will help the firm strengthen its balance sheet and gives it an initial market cap of $1.1 billion. Lehman Brothers and Citigroup were the joint book runners on the deal. The stock is expected to begin trading on the NYSE under the ticker FSR on Friday.
