Flagstone Re Receives `A3' Insurance Financial Strength Rating from Moody's

    HAMILTON, BERMUDA, June 13 /CNW/ - Flagstone Reinsurance Holdings Limited
(NYSE:  FSR) announced today that Moody's Investors Service (Moody's) has
assigned Flagstone Reinsurance Limited (Flagstone Re) and Flagstone
Reassurance Suisse SA (Flagstone Suisse) 'A3' insurance financial strength
ratings. Moody's has also assigned Flagstone Reinsurance Holdings Limited
(FSR) a 'Baa2' long term issuer rating.

    Moody's rating report mentioned that the ratings reflect Flagstone's
"solid risk-adjusted capitalization and good penetration of the risk
management function within the organization." Moody's also commented that
"Flagstone has sufficient capital to support current risks as well as headroom
to support additional exposures within its risk tolerance." Mark Byrne,
Flagstone's Chairman, commented; "One of the Company's key financial goals is
to obtain and maintain multiple credit ratings at the A level. This additional
rating from Moody's represents our continued progress towards that goal, and
our commitment to conservative operating principles and leading-edge risk

    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 has
received an "A-" financial strength rating from both A.M. Best and Fitch
Ratings, and an "A3" rating from Moody's Investors Service.

For further information:

For further information: Flagstone Reinsurance Holdings Limited,
Hamilton Brenton Slade, +1-441-278-4303

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