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BSX Announces Secondary Public Offering Of Montpelier Re Holdings Limited

04 4 2003

HAMILTON, Bermuda: 4 July 2003 - Montpelier Re Holding Ltd. (HYSE:NRH & MRH.BH) announced recently to the Bermuda Stock Exchange (BSX) that the secondary public offering of 7,000,000 of its common shares by certain of its shareholders has been priced at $30.50 per share. Certain selling shareholders have also granted the underwriters an option to purchase an additional 1,050,000 common shares available for sale to cover over-allotments.

Montpelier did not sell any common shares in the offering. The selling shareholders will receive all the net proceeds.

The managing underwriters for the offering are Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and Credit Suisse First Boston LLC. Copies of the written prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036.

Montpelier Re Holdings Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global specialty property insurance and reinsurance products. During the three months ended March 31, 2003, Montpelier Reinsurance Ltd. underwrote $366.6 million in gross premiums. Shareholders' equity at March 31, 2003 was $1.36 billion. Additional information can be found at www.montpelierre.bm.

This announcement 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. The offering of these common shares is made only by means of a written prospectus.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:

This press release contains, and Montpelier may from time-to-time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.