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Montpelier Re Reports First Quarter 2008

Hamilton, Bermuda -- April 29th, 2008. Montpelier Re Holdings Ltd. NYSE: MRH; (the "Company") reported a fully converted book value per share of $17.76 as at March 31, 2008, an increase of 12.3% over the past twelve months and a decrease of 0.3% for the past three months, inclusive of dividends.

The comprehensive loss for the quarter ended March 31, 2008 was $1.8 million, or $0.02 per share. Operating income, which excludes foreign exchange and investment gains and losses, was $28.2 million, or $0.32 per share.

The loss ratio for the quarter was 54.5 percent, which includes $42.8 million of large individual risk losses, slightly above the $30 - 40 million range pre-announced by the Company on February 19th due to subsequent claims notices, and $14 million of losses due to European windstorm Emma. This was offset in part by net favorable prior year reserve development of $21 million, mainly as a result of adjustments to the 2004, 2005 and 2007 catastrophe losses. The combined ratio was 89.7% compared to 65.6% in the first quarter of 2007.

Anthony Taylor, Chairman and CEO, commented: "As we indicated in February, the first quarter of 2008 was marked by an unusual frequency and severity of individual risk losses. Current market estimates have increased from our initial February estimate of over $2 billion to as much as $6 billion. Turning to the quarter's investment performance, despite the extreme volatility in financial markets which impacted a wide range of asset classes, our overall portfolio has stood up well, incurring a slight loss of 0.2% on a total return basis."

"On the capital management front, we continue our active approach, and repurchased 4,784,764 common shares during the quarter at an average price of $16.33 per share.

Since the end of the quarter we have repurchased a further 1,038,080 common shares at an average price of $16.57 per share." Please refer to our March 31, 2008 Financial Supplement for more detailed financial information, which is posted on our website at www.montpelierre.bm.