Summary of FLAGSTONE REINSURANCE HOLDINGS LTD

ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

Departure of Certain Officers; Appointment of Certain Officers

On November 21, 2008, Flagstone Reinsurance Holdings Limited (the "Company") issued a press release announcing that Patrick Boisvert has been appointed Chief Financial Officer of the Company. James O'Shaughnessy will continue as Chief Financial Officer of the Bermuda operations and remain responsible for the majority of the finance team.

Prior to his appointment as Chief Financial Officer, Mr. Boisvert had previously served as CFO and Group Finance Director of Flagstone Reassurance Suisse SA, a subsidiary of the Company, since July 2008. He was Group Chief Accounting Officer and Treasurer of Flagstone Capital Management (formerly West End Capital Management Limited), a subsidiary of the Company, from February 2006 until July 2008. He was CFO of West End Capital Management Limited (now Flagstone Capital Management Limited) which was acquired by the Company in March 2006, from February 2005 until February 2006, where he acted as a hedge fund manager with approximately 1 billion dollars under management and had responsibility for all finance aspects of a company with 35 employees. He was Vice President Fund Administration for BISYS Hedge Fund Services (now part of Citigroup) from November 2003 until November 2005, where he oversaw a team of 50 staff responsible for all aspects of hedge fund accounting and administration for over 100 funds with approximately 13 billion dollars under management.

A copy of the press release dated November 21, 2008 announcing Mr. Boisvert's appointment is attached as Exhibit 99.1 to this Current Report on Form 8-K.