Flagstone Re Establishes Middle East Presence with Dubai Office

    HAMILTON, BERMUDA, October 10 /CNW/ - Flagstone Reinsurance Holdings
Limited (NYSE:  FSR), today announced that it has been granted authorized status
for its subsidiary, Flagstone Underwriters Middle East Limited, by the Dubai
Financial Services Authority (DFSA) and will operate in the Dubai
International Financial Centre (DIFC).

    Flagstone Underwriters Middle East Limited will be headed by CEO, Irshied
Tayeb, who joined Flagstone in July. The new office will focus on regional
property, property catastrophe and specialty line business in the region.

    Mark Byrne, Chairman of Flagstone, commented: "We are pleased to have
completed the formalities to obtain a license for our new subsidiary. Irshied
Tayeb will be seeking property and specialty lines business in the region
which meets our parameters for data quality. The capacity offered is that of
our Swiss subsidiary, Flagstone Reassurance Suisse SA, which benefits from a
full parent company guarantee, and 3 credit ratings from major international
agencies. We are grateful to the DFSA and DIFC for their efficient processing
of our application, and we look forward to working with them for the future
success of Flagstone and our MENA clients."

    Nasser Al Shaali, CEO of DIFC Authority, said: "Flagstone is recognized
for its cutting-edge technical excellence and industry expertise and brings
specialized expertise to the reinsurance sector at the DIFC. Flagstone is a
welcome addition to the reinsurance industry already established here and
reflects the growth and development of this field in the Middle East."

    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

For further information:

For further information: Flagstone Reinsurance Holdings Limited,
Hamilton Brenton Slade, 441-278-4303 or Media enquiries: Dubai International
Financial Centre Amira Abdulla, +971 4 362 2433 or Fax: +971 4 3622236
amira.abdulla@difc.ae or Shaima Al Zarouni, +971 4 362 2432 or Fax: +971 4
3622236 shaima.alzarouni@difc.ae

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