X0202 4 2007-03-30 0 0001347815 Flagstone Reinsurance Holdings Ltd FSR 0001394399 BROWN DAVID A FLAGSTONE REINSURANCE HOLDINGS LIMITED 23 CHURCH STREET HAMILTON, D0, HM11 1 1 1 0 Chief Executive Officer Common Shares 2007-03-30 4 P 0 10000 13.50 A 270000 D Common Shares 2007-03-30 4 P 0 80000 13.50 A 350000 I By Leyton Limited Represents shares purchased through Directed Share Program in connection with initial public offering of common shares of Flagstone Reinsurance Holdings Limited. 260,000 of these shares represent the indirect proportionate interest of the reporting person in 10,000,000 common shares of the issuer held of record by Haverford (Bermuda) Limited, based upon the proportionate contribution of the reporting person to the capital of Haverford (Bermuda) Limited. The reporting person may be deemed to have investment or voting control over Haverford (Bermuda) Limited. These shares are held through a trust for the benefit of others and the reporting person therefore disclaims beneficial ownership of these shares. Represents shares purchased through Directed Share Program in connection with initial public offering of common shares of Flagstone Reinsurance Holdings Limited by Leyton Limited. The reporting person serves as the settlor of a trust that is the owner of Leyton Limited, and the reporting person disclaims beneficial ownership of these shares. /s/ David A. Brown 2007-04-02