Exhibit 99.1

Flagstone Re Director Retires from Board

HAMILTON, Bermuda, Jun 18, 2007 (BUSINESS WIRE) -- Flagstone Reinsurance
Holdings Limited (NYSE:FSR) today announced that Nicholas Brumm, a Director
since the founding of the company in 2005, will not stand for reelection to the
Board at the company's July Annual General Meeting.

Chairman Mark Byrne said, "Nick Brumm, a founding Director of Flagstone, has
been an energetic and independent Director. His counsel has been of great use to
our company since our inception, perhaps most importantly around our recent IPO.
We will miss his sound advice. We wish him well."

"With Nick not standing for reelection, Flagstone will have 11 Directors, of
whom 9 are independent. We are actively recruiting a twelfth independent
Director."

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

SOURCE: Flagstone Reinsurance Holdings Limited

Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade, 441-278-4303