Company Profile For Flagstone Reinsurance Holdings Limited

Flagstone Reinsurance Holdings Limited (Flagstone) is a global reinsurance holding company. The Company is organized into two business segments: Reinsurance and Insurance. Through its Reinsurance segment, the Company writes primarily property, property catastrophe, and short-tail specialty and casualty reinsurance. Through the Insurance segment, it primarily writes property insurance for homes, condominiums and office buildings in the Caribbean region. On June 26, 2008, the Company acquired a 65% interest in Flagstone Reinsurance Africa Limited (Flagstone Africa). On November 18, 2008, the Company acquired Marlborough Underwriting Agency Limited (Marlborough). During the year ended December 31, 2008, the Company acquired 100% of Alliance International Reinsurance Public Company Limited (renamed Flagstone Alliance).

BRIEF: For the nine months ended 30 September 2009, Flagstone Reinsurance Holdings Limited's revenues increased 75% to $624.5M. Net income totaled $170.7M vs. a loss of $111.7M. Revenues reflect an increase in gross premiums, the presence of net realized & unrealized gains on investments vs. loss and a significant rise in other income. Net income also reflects a fall in loss & loss adjustments and a decrease in interest expense.