BSX Approves Listing of Montana Re’s Ltd’s Principal At Risk Variable Note Program & Series 2010-1, Classes C, D, & E Notes

Hamilton, Bermuda:  23 December 2010 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of Montana Re’s Ltd’s Principal At-Risk Variable Note Program & Series 2010-1, Classes C, D, & E Notes that constitute a $210 million dollar issuance pursuant to the Program under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.

Montana Re Ltd is a Cayman Islands exempted company licensed as a Class B insurer in the Cayman Islands. The purpose of the Principal At-Risk Note Program is to provide the Issuer with funds in order to support its obligations under the respective Risk Transfer Contracts it enters into with the Risk Transfer Contract Counterparty.

The Risk Transfer Contract Counterparty for each Class within a Series of Notes will be Flagstone Reassurance Suisse S.A. as specified in the applicable Offering Circular Supplement.

CAPITAL G BSX Services Limited sponsored the listing of both the Program and the initial two Classes of Series 2009-1 Notes and is listing sponsor of the Series 2010-1 Notes.

Brent Slade, chief marketing officer for Flagstone Reinsurance Holdings S.A. stated, “We are pleased that Montana Re has been approved for listing on the BSX.  The Exchange has been very active in creating a capital markets platform supporting these securities in Bermuda and we are delighted to be able to assist in their endeavors”.

James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Montana Re Ltd’s Principal At-Risk Variable Note Program and Series 2010-1 Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of this type of Program and Notes that are offered to institutional and sophisticated Qualified Investors”. 

Mr. McKirdy continued, “This is yet another Program and Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Montana Re Ltd, Flagstone Reinsurance Holdings S.A. and CAPITAL G BSX Services Limited.”

Ayotola Jagun of CAPITAL G BSX Services noted, “It has been a pleasure to assist in bringing another listing of this type to The Exchange. The co-operation and assistance of the BSX Officers made it a very smooth exercise.”

For further information on the Montana Re Ltd Principal At-Risk Variable Note Program please contact Brenton Slade, Flagstone Reinsurance Holdings, S.A.at 1-441-278-4303.