|   | A.     | The      Flagstone Group has completed its acquisition of 100% of the shares of      Alliance International Reinsurance Public Company  Limited                                                                                                                                                                |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                           |
|   | B.     | The      Chief Executive Officer and Alliance International Reinsurance Public      Company Limited have entered into a contract of employment dated 30th      June 2005 (hereinafter called the “Contract of Employment”) as amended on      July 24, 2006, November 14, 2007 and August 12, 2008 |
|   |   |                                                                                                                                                                                                                                                                                                           |
|   | C.     | The      Chief Executive Officer’s duties are extended to include the business of      the Flagstone Group                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                           |
|   | D.     | The      parties hereto are desirous of defining the Chief Executive Officer’s      duties with respect to the Company, their subsidiaries and affiliates in      the manner herein belowstated.                                                                                                         |

|   | 1.     | The      Contract of Employment is amended effective January 1,  2009                                                                           |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                            |
|   | 2.     | The      Chief Executive Officer’s duties shall be extended to include those of      Director of Flagstone Underwriters Middle East, Ltd. |
|   |   |                                                                                                                                            |

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|   | 3.     | The      Chief Executive Officer shall dedicate 30% of his efforts to the      management of Flagstone Underwriters Middle East, Ltd. and shall not      redeploy away from his duties in the Company.                                       |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                         |
|   | 4.     | Paragraph      6.  Salary is amended to read:  The Company shall pay      to the Chief Executive Officer during the continuance of his employment      hereunder a salary at the rate of EUR XXX,XXX per annum    gross. |
|   |   |                                                                                                                                                                                                                                         |
|   | 5.     | A      Director’s fee of EUR XXX,XXX shall be paid By Flagstone Underwriters      Middle East, Ltd. to the Chief Executive Officer in consideration of his      efforts on its behalf.                                                 |
|   |   |                                                                                                                                                                                                                                         |
|   | 6.     | All      other terms of the Contract of Employment are to be and remain the      same                                                                                                                                                        |

| For      and on behalf of                             | Chief      Executive Officer |
|-------------------------------------------------------|------------------------------|
| Flagstone      Underwriters Middle East, Ltd.         |                         |
| Flagstone      Alliance Insurance and Reinsurance PLC |                         |

|                    |   |         |
|------------------------------|--------|-------------------|
| Mark      J. Byrne, Chairman |   | Khader      Hemsi |

|    |   |    |
|--------------|--------|--------------|
| Witness      |   | Witness      |