Flagstone Re Announces Quarterly Dividend

    HAMILTON, BERMUDA, October 26 /CNW/ - Flagstone Reinsurance Holdings
Limited (NYSE:  FSR) announced today that its Board of Directors has declared a
quarterly dividend of $ 0.04 per Common Share. The dividend is payable on
November 15th, 2007 to shareholders of record at the close of business on
October 31st, 2007.

    About Flagstone Reinsurance Holdings Limited

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

    Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995

    This press release may contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements of
historical facts, included or referenced in this release which address
activities, events or developments which we expect or anticipate will or may
occur in the future are forward-looking statements. The words "will,"
"believe," "intend," "expect," "anticipate," "project," "estimate," "predict"
and similar expressions are also intended to identify forward-looking
statements. These forward-looking statements include, among others, statements
with respect to Flagstone's: growth in book value per share or return on
equity; business strategy; financial and operating targets or plans; incurred
losses and the adequacy of its loss and loss adjustment expense reserves and
related reinsurance; projections of revenues, income (or loss), earnings (or
loss) per share, dividends, market share or other financial forecasts;
expansion and growth of our business and operations; and future capital

    These statements are based on certain assumptions and analyses made by
Flagstone in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other factors
believed to be appropriate in the circumstances. However, whether actual
results and developments will conform to our expectations and predictions is
subject to a number of risks and uncertainties that could cause actual results
to differ materially from expectations, including: the risks described in our
Annual Report or Form 10-Q; claims arising from catastrophic events, such as
hurricanes, earthquakes, floods or terrorist attacks; the continued
availability of capital and financing; general economic, market or business
conditions; business opportunities (or lack thereof) that may be presented to
it and pursued; competitive forces, including the conduct of other property
and casualty insurers and reinsurers; changes in domestic or foreign laws or
regulations, or their interpretation, applicable to Flagstone, its competitors
or its clients; an economic downturn or other economic conditions adversely
affecting its financial position; recorded loss reserves subsequently proving
to have been inadequate; other factors, most of which are beyond Flagstone's

    Consequently, all of the forward-looking statements made in this press
release are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by Flagstone
will be realized or, even if substantially realized, that they will have the
expected consequences to, or effects on, Flagstone or its business or
operations. Flagstone assumes no obligation to publicly update any such
forward-looking statements, whether as a result of new information, future
events or otherwise.

For further information:

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

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