Skip to main content

This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Montpelier Re Announces First Quarterly Dividend

Hamilton, Bermuda: November 25, 2003 - Montpelier Re Holdings Ltd. (NYSE - MRH) has announced that its Board of Directors has initiated a policy of quarterly cash dividends to shareholders. . Montpelier also declared its initial quarterly cash dividend of $0.34 per common share payable on January 15th, 2004, to shareholders of record at the close of business on December 31st, 2003.

Anthony Taylor, President and CEO, commented: "In the registration statement for our initial public offering we said that we would aim to maximize sustainable long-term growth in shareholder value. One of our key strategies for doing so is to manage capital prudently. Since our inception, our business model has produced published returns well above the consensus estimates. Our decision to initiate a dividend policy reflects our confidence in Montpelier's continuing ability to generate strong earnings and cash flow to support the planned growth in our core lines of business in 2004. The business model and our other strategies remain unchanged. We will continue our disciplined underwriting in the attractive short tail property and specialty lines. We will also continue to operate from a single seat of operations here in Bermuda and focus on bottom line returns, and will not pursue growth for growth's sake.

Tom Kemp, Chief Financial Officer, noted: "Today's announcement confirms Montpelier's previously announced commitment to maximize shareholders' total sustainable return through prudent capital management as well as through disciplined underwriting. Our first dividend represents a considerable cash yield to our shareholders, and we intend to continue to enhance the return to our shareholders while growing our business."

Tom Kemp added "Montpelier intends to undertake a further review of its capital requirements once a clearer picture of the January renewal season emerges. This is expected to take place early in 2004"

Montpelier Re Holdings Ltd., through its operating subsidiary, Montpelier Reinsurance Ltd., is a premier provider of global property and casualty reinsurance and insurance products. Montpelier Reinsurance Ltd. is rated "A" (Excellent) by A.M. Best Company, "A-" (Strong) by Standard & Poor's and "A3" (Good) by Moody's Investors Service.