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BlackRock Investment Management, LLC
> FSR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2010 | Flagstone Reinsurance Holdings, S.A. | FSR | 126,105 | 42,772 | 1,445,000 | 534,000 | $11.46 |
| 12/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 83,333 | -10,230 | 911,000 | -145,000 | $10.93 |
| 09/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 93,563 | 16,642 | 1,056,000 | 264,000 | $11.29 |
| 06/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 76,921 | 19,077 | 792,000 | 342,000 | $10.30 |
| 03/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 57,844 | 3,200 | 450,000 | -84,000 | $7.78 |
| 12/31/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 54,644 | 54,644 | 534,000 | 534,000 | $9.77 |
| 09/30/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 40,044 | -2,100 | 411,000 | -86,000 | $10.26 |
| 06/30/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 42,144 | 20,944 | 497,000 | 240,000 | $11.79 |
| 03/31/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 21,200 | 800 | 257,000 | -26,000 | $12.12 |
| 12/31/2007 | Flagstone Reinsurance Holdings, S.A. | FSR | 20,400 | 12,900 | 283,000 | 184,000 | $13.87 |
| 09/28/2007 | Flagstone Reinsurance Holdings, S.A. | FSR | 7,500 | 7,500 | 99,000 | 99,000 | $13.20 |
| 09/30/2006 | Flagstone Reinsurance Holdings, S.A. | FSR | 0 | -6,800 | 0 | -90,000 | |
| 06/29/2006 | Flagstone Reinsurance Holdings, S.A. | FSR | 6,800 | 6,800 | 90,000 | 90,000 | $13.24 |
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