Montpelier Re Holdings Ltd. Announces Appointment Of Christopher L. Harris As Chief Underwriting & Risk Officer

HAMILTON, Bermuda: March 20, 2006 - Montpelier Re Holdings Ltd. (NYSE: MRH) today announced that Christopher L. Harris has been appointed Chief Underwriting & Risk Officer of the Company and of Montpelier Reinsurance Ltd. with immediate effect, subject to the approval of the Bermuda Department of Immigration. C. Russell Fletcher III, formerly Chief Underwriting Officer, is retiring from the Company.  Chris Harris received a Bachelor of Science in Mathematics from the University of North Texas and is a Fellow of the Casualty Actuarial Society, a Chartered Property and Casualty Underwriter, and a Chartered Financial Analyst. He joined Montpelier Re from Allianz Risk Transfer, where he was Chief Actuary North America. Previously, he ran the actuarial consulting practice for KPMG Bermuda, and his experience includes both consulting and operational roles in the insurance and reinsurance fields.   Anthony Taylor, Chairman and Chief Executive said, "Chris possesses a unique combination of underwriting and actuarial skills that are an ideal match for the changing demands of the CUO role in today's fast evolving environment. I would like to record the Company's gratitude to Russ for his great contribution to the founding of Montpelier and his leadership of the underwriting team."

    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 year ended December 31, 2005, Montpelier underwrote $978.7 million in gross premiums written. Shareholders' equity at December 31, 2005 was $1.1 billion. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.