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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1347815	Flagstone Reinsurance Holdings S.a.	FSR	Fire, Marine & Casualty Insurance (6331)	980481623

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1181361	James Mark Byrne	48 Par La Ville Road Suite 504 Hamilton D0 HM 11		No	No	No	Yes

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Shares	Disposition	2010-12-08	2,849,868	$11.48	0	No	4	S	Indirect	By Haverford (Bermuda) Ltd.
Common Shares	Disposition	2010-12-08	5,155,156	$11.48	0	No	4	S	Indirect	By Limestone Business Limited

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Haverford (Bermuda) Ltd.
No	4	S	Indirect	By Limestone Business Limited

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Shares	Warrant	Disposition	2010-12-08	7,955,553	$1.70	7,955,553	$14.80

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2013-12-01	2013-12-31	No	4	S	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Shares	50,000	Indirect	By Rebecca Byrne

Footnotes

On December 8, 2010, Flagstone (Bermuda) Holdings, Limited entered into an agreement to purchase: (i) 8,005,024 shares of Flagstone Reinsurance Holdings, S.A. (the "Issuer") from Haverford (Bermuda) Ltd. ("Haverford") and Limestone Business Limited ("Limestone") and (ii) the Amended and Restated Share Purchase Warrant dated as of June 25, 2010 (the "Haverford Warrant"), issued to Haverford and exercisable for 7,955,553 shares, par value $0.01 per share, of the Issuer.
The reporting person is the Chairman and Chief Executive Officer of Haverford, and therefore has investment and voting control over the 2,849,868 common shares of the Issuer held by Haverford and the Haverford Warrant.
These common shares are held by Limestone, which is owned by a trust, established for the benefit of others, for which the reporting person is the settlor. The reporting person disclaims beneficial ownership of these shares.
These common shares represent shares purchased in connection with the initial public offering of the Issuer and are owned by Rebecca Byrne, the wife of the reporting person. The reporting person disclaims beneficial ownership of these shares.