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Montpelier Re Holdings Ltd. Files Registration Statement Following Request From Shareholders
Montpelier will not be selling any common shares in connection with the requested registration and will not receive any proceeds from any offering. The requesting shareholders are Cypress Merchant B Partners II (Cayman) L.P., DLJMB Overseas Partners III LP, Vestar AIV Holdings A L.P., Gilbert Global Equity Partners (Bermuda), L.P. and entities associated with each of them.
The Registration Statement relates to up to an aggregate of 5,400,000 common shares, although the ultimate size of any offering may change depending upon whether other eligible shareholders promptly elect to participate in the registration, as well as market conditions. The Registration Statement includes the common shares subject to the option anticipated to be granted to the underwriters to cover over-allotments.
The shareholders' request is being made pursuant to the terms of the Shareholders Agreement among Montpelier and shareholders that invested in Montpelier at its formation in 2001. Under the Shareholders Agreement, the requesting shareholders may revoke their request prior to effectiveness of the Registration Statement.
A Registration Statement relating to the common shares has been filed with the Securities and Exchange Commission but has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time that the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any state in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Any offering will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the written prospectus, when available, may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036. The managing underwriters for any offering by the selling shareholders are expected to be Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and Credit Suisse First Boston LLC.
Montpelier Re Holdings Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global specialty property reinsurance products. Montpelier Reinsurance Ltd. is rated "A" (Excellent) by A.M. Best Company and was founded in December 2001. During the 12 months ended December 31, 2002, Montpelier underwrote $607.7 million in gross premiums. Shareholders' equity at March 31, 2003 was $1.36 billion. Additional information can be found at www.montpelierre.bm.