Montpelier Re Holdings Ltd. Announces Resignation Of Director

HAMILTON, Bermuda: Feb. 9, 2006 - Montpelier Re Holdings Ltd. (NYSE: MRH) today announced that G. Thompson Hutton has resigned as a director of the company with immediate effect, following his appointment as President and Chief Executive Officer of White Mountains Re Group, Ltd.

Anthony Taylor, Chairman and Chief Executive, said, "We are very
grateful to Tom for all his fine service to the company since its
formation and wish him every success in his new role."

Montpelier Re Holdings Ltd., through its operating subsidiary
Montpelier Reinsurance Ltd., is a premier provider of global property
and casualty reinsurance and insurance products. During the 9 months ended September 30, 2005, Montpelier underwrote $872 million in gross premiums written. Shareholders' equity at September 30, 2005 was $1.1 billion. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.

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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside
Montpelier's control, that could cause actual results to differ
materially from such statements. In particular, statements using words such as "may," "should," "estimate," "expect," "anticipate," "intend," "believe," "predict," "potential," or words of similar import
generally involve forward-looking statements.

Important events and uncertainties that could cause the actual
results, future dividends or future repurchases to differ include, but
are not necessarily limited to: market conditions affecting Montpelier's common share price; our short operating and trading
history; our dependence on principal employees; the cyclical nature of the reinsurance business; the levels of new and renewal business
achieved; opportunities to increase writings in our core property and
specialty reinsurance and insurance lines of business and in specific
areas of the casualty reinsurance market; the estimates reported by
syndicates under existing qualifying quota share contracts; the
inherent uncertainties of establishing reserves for loss and loss
adjustment expenses, particularly on longer-tail classes of business
such as casualty; our reliance on industry loss estimates and those
generated by modeling techniques; unanticipated adjustments to premium estimates; the possibility of severe or unanticipated losses from natural or man-made catastrophes, including Hurricanes Katrina, Rita and Wilma; evolving interpretive issues with respect to coverage as a result of Hurricanes Katrina, Rita and Wilma; the effectiveness of our loss limitation methods; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions; changes in governmental regulation or tax laws in the jurisdictions where we conduct business; the total industry losses resulting from Hurricanes Katrina, Rita and Wilma; the actual number of our insureds incurring losses from these storms; the limited actual loss reports received from our insureds to date; the impact of these storms on our reinsurers; the amount and timing of reinsurance
recoverables and reimbursements actually received by us from our
reinsurers; the overall level of competition, and the related demand
and supply dynamics, in our markets relating to growing capital levels
in the reinsurance industry, declining demand due to, among other
things, increased retentions by cedants, and other factors; market
acceptance of the underwriting capacity of Blue Ocean Reinsurance Ltd. without a financial strength rating from an independent rating agency; the impact of terrorist activities on the economy; and rating agency policies and practices. Montpelier's forward-looking statements concerning market fundamentals could be affected by changes in demand, pricing and policy term trends and competition. These and other events
that could cause actual results to differ are discussed in detail in
"Risk Factors" under Item 8.01 of Montpelier's Current Report on Form
8-K filed on September 27, 2005 with the Securities and Exchange
Commission.

Montpelier undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.

    CONTACT: Montpelier Re Holdings Ltd.
             Keil Gunther, 441-297-9570