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WL Ross & Co. Agrees to Invest $100 Million In Montpelier Re Holdings Ltd.
Hamilton, Bermuda, May 25, 2006 -- Montpelier Re Holdings Ltd.
(MRH) announced today that WL Ross & Co. LLC has
agreed to make a $100 million investment in Montpelier through a
private sale of 6,896,552 common shares at a price of $14.50 per
common share. The first $50 million purchase of common shares will
close on or about June 1, 2006, and the second $50 million purchase of
common shares will close upon expiration of the Hart-Scott-Rodino
antitrust notification period. Prior to the second close the purchase
price of the second tranche may be adjusted in certain circumstances.
Pursuant to a Purchase Agreement entered into between the parties,
the Company will grant the investing funds certain registration rights
with respect to their purchase of common shares. Also, the Board of
Directors of the Company intends to appoint Wilbur L. Ross to fill an
existing vacancy upon the second closing of the purchase of common
shares.
Montpelier Re Holdings Ltd., through its operating subsidiary
Montpelier Reinsurance Ltd., is a premier provider of global property
and casualty reinsurance and insurance products. 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:
CONTACT: Montpelier Re Holdings Ltd.
Media:
Keil Gunther, Communications Manager, 441-297-9570
or
Investor Relations:
William Pollett, Treasurer, 441-297-9576
or
WL Ross & Co. LLC
Wilbur Ross, CEO and Chairman, 212-826-2111