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Montpelier Re Announces Quarterly Dividend

14 14 2004

HAMILTON, Bermuda: Dec. 14, 2004 - The Board of Directors of Montpelier Re Holdings Ltd. (NYSE - MRH) has declared a quarterly dividend of $0.34 per Common Share. The dividend is payable on January 14th, 2005 to shareholders of record on December 31st, 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, "A3" (Good) by Moody's Investor Service and "A-" (Strong) by Standard & Poors, and was founded in December 2001. During the 12 months ended December 31, 2003, Montpelier underwrote $809.7 million in gross premiums written. Shareholders' equity at December 31, 2003 was $1.7 billion. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.

CONTACT: Montpelier Re Holdings Ltd., Hamilton
Media and Investor Relations: Keil Gunther, 441-296-5550