Summary of FLAGSTONE REINSURANCE HOLDINGS LTD

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 3rd, 2009 - Flagstone Reinsurance Holdings Limited (NYSE: FSR) today announced third quarter 2009 basic book value per share of $13.69 and diluted book value per share of $13.20, up 6.6% and 6.5%, respectively, for the quarter (percentages inclusive of dividends). Net income attributable to Flagstone's common shareholders for the quarter ended September 30, 2009, was $67.1 million, or $0.80 per diluted share, compared to a net loss of $(186.5) million, or $(2.18) per diluted share, for the quarter ended September 30, 2008. Net income available to common shareholders for the nine months ended September 30, 2009 was $170.7 million, or $2.01 per diluted share, compared to a net loss of $(111.7) million, or $(1.31) per diluted share, for the nine months ended September 30, 2008.The transaction is subject to necessary regulatory approvals. A copy of the press release will be available in the Investor Relations section of the Company's website. www.flagstonere.com.

A press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. This Form 8-K and Exhibit 99.1 hereto is being furnished to the Securities and Exchange Commission (the "SEC") pursuant to Item 2.02 of Form 8-K and is therefore not to be considered "filed" with the SEC.

The information in Item 2.02 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically indentified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that the investors should consider this information before making an investment decision with respect to any security of the Company.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibits:

Exhibit No.              Description

99.1                     Press Release, dated November 3, 2009, reporting
                         results as of and for the three and nine-month
                         periods ended September 30, 2009