Flagstone Re Announces Opening of Puerto Rico Office

    HAMILTON, BERMUDA, September 10 /CNW/ - Flagstone Reinsurance Holdings
Limited (NYSE:  FSR) today announced Flagstone Underwriters Latin America
Limited A.I. was successfully formed and licensed and will conduct business
from its offices in Puerto Rico.

    Flagstone Underwriters Latin America A.I. will expand Flagstone's global
underwriting platform and further expand Property, Specialty and Casualty
reinsurance opportunities in the Caribbean and Latin America, including
Mexico. Rafael Saer will be the CEO of the new operation and brings 29 years
of experience in the region, most recently with Folksamerica Re where he was
SVP and Branch Manager, Latin America and Spanish Caribbean.

    Flagstone's Chairman, Mark Byrne, commented: "We have been in business in
the Caribbean region for several years through our relationship with Island
Heritage in the Cayman Islands. Our new operations in San Juan will allow us
to build the team we need to underwrite and risk-manage the Spanish-speaking
Caribbean and Latin America. We are delighted to welcome Rafael to our
management team."

    About Flagstone Reinsurance Holdings Limited

    Flagstone Reinsurance Holdings Limited, through its operating
subsidiaries, is a global reinsurance company. 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 Service.

For further information:

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

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