Flagstone Re's chief executive officer David Brown has spoken of the reinsurance company's delight at being awarded runner-up in the property/casualty reinsurer category in the Reaction's Magazine's 2008 Readers Awards.

The Hamilton-based reinsurer was second only to General Re, but one place higher than Swiss Re in third spot.

Mr. Brown, whose company was only set up in 2005 in the wake of Hurricane Katrina, said the firm was delighted to be recognised along with such industry giants as General Re and Swiss Re, while he added he was grateful to all of the clients and brokers who voted for the firm.

"We have made a determined effort from the very start to provide a level of professionalism and responsiveness in the market and it is very rewarding to receive awards like this and to show that our efforts are being recognised," he said.

"I think when we hear back from brokers and clients that we are very quick to respond and efficient and have a very quick turnaround, along with a high capacity, that is always a good sign."

Flagstone was not alone in the Bermuda-headquartered insurers, with Ace winning the casualty insurer of the year and picking up second place in the property insurer of the year category, a fact not lost on Mr. Brown.

"I think for Bermuda it is nice to see our companies up there with the rest winning awards," he said.

"We have obviously got to work hard and it makes a difference - we have been successful in growing our business, but that does not happen unless the clients and brokers are happy with ourselves."