Flagstone Reassurance Suisse SA and Imperial Reinsurance Company Establish a Technical Underwriting Relationship and Reinsurance Agreement

    HAMILTON, BERMUDA, October 9 /CNW/ - Flagstone Reassurance Suisse SA, a
wholly owned subsidiary of Flagstone Reinsurance Holdings Limited (NYSE:  FSR),
today announced that they have entered into a Technical Underwriting Agreement
with Imperial Reinsurance Company Limited. In support of this agreement,
Flagstone Re will provide technical underwriting, modeling, and actuarial
support to Imperial Re's underwriting operations in South Africa. Flagstone Re
has also established a Quota Share arrangement with Imperial Re in order to
further assist in the growth and development of their diverse portfolio.

    Mark Byrne, Chairman of Flagstone, commented: "We are delighted to have
established this agreement with Imperial Re as South Africa is an increasingly
important insurance market. We are confident that our relationship with
Imperial Re will enable us to service a meaningful portfolio, add further
value to Imperial Re's excellent underwriting capabilities, and expand our
knowledge of the market in this region."

    These sentiments were echoed by Andrew Tennick, Managing Director of
Imperial Re, who commented: "The formation of this relationship with Flagstone
provides Imperial Re with substantial additional expertise and resources. We
look forward to developing a sustainable portfolio and relationship with
Flagstone, and further contributing to the success of Imperial Holdings."

    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

    Imperial Reinsurance Company Limited

    Imperial Reinsurance Company Limited is a wholly owned subsidiary of
Imperial Holdings Limited, a South African based mobility company that has
associated financial service interests. Imperial Holdings is listed on the
Johannesburg Stock Exchange with a market capitalization of USD 4 billion.
Imperial Re is licensed to transact all classes of short-term reinsurance

For further information:

For further information: Flagstone Reinsurance Holdings Limited,
Hamilton, Brenton Slade, 441-278-4303 or Imperial Reinsurance Company Limited,
Johannesburg Andrew Tennick, +27-11-484-0620 or Brunswick Carol Roos, +27 11
502 7406

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