Worldwide Reinsurance Awards: Flagstone Reinsurance honoured as "Reinsurance Company of the Year"

Flagstone Reinsurance Holdings, S.A. (NYSE:FSR) was last night (Wednesday Sept. 8th) voted "Reinsurance Company of the Year” for the first time at an awards ceremony in London.

Flagstone Re picked up the award, made by the international trade journal "The Review” for "enhancing the stability and security of the industry”.

Additional factors considered for the award were:

• Offering consistent service and security to clients
• Ability to adapt to market and industry changes
• Consistently strong financial performance

"We are delighted to have received this award,” said David Brown, chief executive officer of Flagstone Re. "It recognises the hard work of all the staff at Flagstone and is a testament to the service we offer clients, the underwriting discipline we have maintained, our agility in being able to adapt to changing market conditions, and the strong financial performance we have shown in the past five years.”

The judging panel at The Review highlighted Flagstone’s "innovative approach” and "nimble response” to market change in making its selection.

"Flagstone’s strategy has focused on world class underwriting, exemplary client service and building its expertise and reputation to secure its place as an industry leader,” said the judges.

"The company’s book is significantly diversified on a geographic basis with underwriting offices in North America, South America, the Caribbean, Middle East and South Africa. Flagstone’s efforts push the boundaries of traditional modelling through in-house solutions that provide more detailed, richer and faster data analysis.”

Flagstone’s leadership in the area of identifying and responding to potential market changes was also highlighted by this year’s judges.

"For the past five years we have worked hard to grow a sustainable, successful, modern and dynamic business – but a business where underwriting comes first,” said Mr Brown.

About Flagstone Reinsurance Holdings, S.A.

Flagstone Reinsurance Holdings, S.A., through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused and technical approach to the Property Catastrophe, Property, and Specialty reinsurance and insurance businesses. Flagstone Réassurance Suisse has received "A-" financial strength ratings from both A.M. Best and Fitch Ratings, and "A3" ratings from Moody's Investors Service. Island Heritage and Flagstone Reinsurance Africa have received "A-" financial strength ratings from A.M. Best.

The Company is traded on the New York Stock Exchange under the symbol "FSR" and the Bermuda Stock Exchange under the symbol "FSR BH". Additional financial information and other items of interest are available at the Company's website located at http://www.flagstonere.com.

Cautionary Statement Regarding Forward-Looking Statements

This report may contain, and the Company may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual results to differ materially from such statements. In particular, statements using words such as "may", "should", "estimate", "expect", "anticipate", "intend", "believe", "predict", "potential", or words of similar import generally involve forward-looking statements.

Important events and uncertainties that could cause the actual results to differ include, but are not necessarily limited to: market conditions affecting the Company's common share price; the possibility of severe or unanticipated losses from natural or man-made catastrophes; the effectiveness of our loss limitation methods; our dependence on principal employees; the cyclical nature of the reinsurance business; the levels of new and renewal business achieved; opportunities to increase writings in our core property and specialty reinsurance and insurance lines of business and in specific areas of the casualty reinsurance market; the sensitivity of our business to financial strength ratings established by independent rating agencies; the estimates reported by cedents and brokers on pro-rata contracts and certain excess of loss contracts where the deposit premium is not specified in the contract; the inherent uncertainties of establishing reserves for loss and loss adjustment expenses, our reliance on industry loss estimates and those generated by modeling techniques; unanticipated adjustments to premium estimates; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions; changes in governmental regulation or tax laws in the jurisdictions where we conduct business; the amount and timing of reinsurance recoverables and reimbursements we actually receive from our reinsurers; the overall level of competition, and the related demand and supply dynamics in our markets relating to growing capital levels in the reinsurance industry; declining demand due to increased retentions by cedents and other factors; the impact of terrorist activities on the economy; and rating agency policies and practices.

These and other events that could cause actual results to differ are discussed in more detail from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.