[GRAPHIC]FLAGSTONE RE

Consultancy Period:

21^st December – 31^st March, 2005.

Services:

Meetinghouse LLC will provide Annie Petrides (the “Consultant”) to provide 150 hours of actuarial services to Flagstone and its affiliates, subject to approval by Bermuda Immigration for any services to be provided in Bermuda.

Fee:

$500 per hour for time spent working. Travel time will not be chargeable. Flagstone agrees to pay for a minimum of 150 hours, provided this agreement is not terminated by Meetinghouse and the work remains satisfactory.

Expenses:

Flagstone will pay reasonable documented travel expenses incurred by the Consultant, including but not limited to, air fare, hotel ground transportation in Bermuda.

Termination:

This agreement will terminate automatically at the end of the Consultancy Period or alternatively by either party giving 7 days notice in writing to the other.

Governing Law:

The parties agree that this agreement shall be governed and construed in accordance with Bermuda law and the parties submit to the non-exclusive jurisdiction of the Bermuda courts.

Any dispute arising under this agreement shall be resolved by the parties through arbitration in accordance with the Bermuda international Conciliation and Arbitration Act, 1993.

Sincerely,

Acknowledged and agreed

/s/ Todd White

/s/ Tom Dickson

Todd White

Tom Dickson

General Counsel

For and on behalf of

Meetinghouse LLC