Flagstone Re Announces Pricing of Its Initial Public Offering

    HAMILTON, BERMUDA, March 29 /CNW/ - Flagstone Reinsurance Holdings
Limited (NYSE:   FSR) today announced the pricing of its initial public offering
of 13,000,000 common shares, at a price of $13.50 per share. The shares will
be listed on the New York Stock Exchange and will trade under the symbol "FSR"
beginning March 30th. The proceeds will be used to increase the underwriting
capacity of Flagstone's reinsurance operations. The underwriters have the
option to purchase up to an additional 1,950,000 shares from Flagstone at the
initial public offering price less the underwriting discount.

    Lehman Brothers Inc. and Citigroup Corporate and Investment Banking acted
as Joint Bookrunners of this offering.

    Copies of the final prospectus relating to this offering may be obtained,
when available, by contacting Lehman Brothers c/o Broadridge, 1155 Long Island
Avenue, Edgewood, NY 11717, fax 631-254-7268, or email:
qiana.smith@broadridge.com or Citigroup Corporate and Investment Banking,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220
(tel: 718-765-6732).

    About Flagstone Reinsurance Holdings Limited

    Flagstone Reinsurance Holdings Limited, through its wholly-owned
subsidiary Flagstone Reinsurance Limited ("Flagstone Re"), 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 and has received an "A-" financial strength
rating from A.M. Best Company.

    This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities law of any such state or jurisdiction.

For further information:

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

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