Exhibit 99.1




                 FLAGSTONE RE APPOINTS PETER F. WATSON TO THE BOARD

HAMILTON, Bermuda--(BUSINESS WIRE) - September 5, 2007- Flagstone Reinsurance
Holdings Limited (NYSE: FSR) announced today that Peter F. Watson has joined
their Board of Directors.

Mr. Watson is Vice Chairman, President and CEO of Attorneys' Liability Assurance
Society (Bermuda) Ltd. (ALAS), a Bermuda-based mutual insurance company which
provides reinsurance for professional liability coverage of large U.S. law firms
written by its US subsidiary, Attorneys' Liability Assurance Society, Inc.

Prior to joining ALAS, Mr. Watson was a Senior Partner at Price Waterhouse. He
has also served on the Board of the Bermuda International Business Association
and is a past Chairman of the Insurers Admissions Committee (an advisory group
to the Bermuda Government on the insurance industry).

Flagstone's Chairman, Mark Byrne, commented: "We are delighted to have Peter
join Flagstone's Board. His experience in insurance and finance will be of
benefit to both the board and to management as we continue to develop the
Flagstone platform."

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 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 Service.

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