Flagstone Re Raises $100 Million from Issuance of Junior Subordinated Deferrable Interest Debentures



    HAMILTON, BERMUDA, June 29 /CNW/ - Flagstone Reinsurance Holdings Limited
(NYSE:  FSR) announced today that it has raised an additional $100 million
through two private sales of Junior Subordinated Deferrable Interest
Debentures ("Deferrable Interest Debentures"). The additional capital will be
used to increase the capacity of Flagstone's underwriting operations.

    The Deferrable Interest Debentures have a floating rate of interest equal
to 3-month LIBOR plus 300 basis points, reset quarterly. The Deferrable
Interest Debentures mature on July 30, 2037, and may be called at par by the
Company at any time after July 30, 2012.

    The Deferrable Interest Debentures will not be and have not been
registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.

    About Flagstone Reinsurance Holdings Limited

    Flagstone Reinsurance Holdings Limited, through its operating
subsidiaries, is a global reinsurance company formed and headquartered in
Bermuda. Flagstone Re employs a focused, technical approach to the Property
Catastrophe, Property, and Specialty reinsurance business. Flagstone Re has
received "A-" financial strength ratings from both A.M. Best and Fitch
Ratings, and an "A3" rating from Moody's Investors Service.




For further information:

For further information: Flagstone Reinsurance Holdings Limited,
Hamilton Brenton Slade, 441-278-4303

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FLAGSTONE REINSURANCE HOLDINGS LIMITED

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