Flagstone details private jet deal

Bermudian reinsurance group Flagstone’s 10-Q filing for the first three months of 2009 includes the disclosure that the company has entered into a share purchase contract to buy an aviation leasing company (IAL 7X Leasing) from chairman Mark Byrne for $10,000. The purchase price includes bank debt of $14.3m. The main asset of IAL 7X is a delivery slot for a Dassault Falcon 7X aircraft.