Flagstone Re Announces Controlling Position in Island Heritage Group of Companies

    HAMILTON, BERMUDA, August 1 /CNW/ - Flagstone Reinsurance Holdings
Limited (NYSE:  FSR) announced today that they have taken a majority position in
Island Heritage Holdings Ltd. The Island Heritage Group, domiciled in the
Cayman Islands, specializes in insurance and insurance services in the

    Flagstone will assume control of the Island Heritage companies.
Butterfield Bank and Ace Insurance will remain major shareholders of Island
Heritage, with further participation by the local management of the companies.
This change in control will not alter any of the existing products and
services, but over time will enhance service and broaden product distribution.

    Mark Byrne, Chairman of Flagstone, will become the new Chairman of Island
Heritage Holdings. Mr. Byrne commented: "We are excited to start this new
chapter in the Island Heritage story. We believe that through technical
cooperation with Island Heritage staff, we can further optimize the returns of
this business. We are pleased that all key members of Island Heritage
management, and all strategic shareholders, have chosen to stay involved."

    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 and
Flagstone Reassurance Suisse have received "A-" financial strength ratings
from both A.M. Best and Fitch Ratings, and "A3" ratings from Moody's Investors

    About Island Heritage Group

    Island Heritage was formed in 1996 in the Cayman Islands and is currently
licenced to transact domestic insurance business in sixteen Caribbean
countries. The Company is a property insurance specialist and is rated by A.M.
Best as A- "Excellent".

For further information:

For further information: Flagstone Reinsurance Holdings Limited,
Hamilton Brenton Slade, 441-278-4303 or Island Heritage Holdings Ltd., Cayman
Islands Nigel Twohey, 345-814-7303

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