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Montpelier Re Holdings Ltd. Announces Pricing of $150 Million Non-Cumulative Perpetual Preferred Share Offering
Hamilton, Bermuda – 04 May, 2011 - Montpelier Re Holdings Ltd. (the “Company” or “Montpelier”; Ticker: NYSE:MRH) a provider of short-tail reinsurance and other specialty lines, announced the pricing of $150.0 million of 8.875% Non-Cumulative Preferred Shares Series A (“Preferred Shares”), with a liquidation preference of $25.00 per share, and expects to receive the proceeds on 10 May, 2011. Except in certain limited circumstances, the Preferred Shares are not redeemable prior to 10 May, 2016. After that date, the Company may redeem at its option, in whole or in part, the Preferred Shares at a redemption price of $25.00 per share.
Montpelier intends to list the Preferred Shares on the New York Stock Exchange. The Company also intends to use the net proceeds from the offering for general corporate purposes and, in particular, to support the underwriting activities of its insurance and reinsurance subsidiaries.
This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Preferred Shares may be offered only by means of a Prospectus Supplement and accompanying base Prospectus. Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole Book-Running Manager for the offering. The offering will be made only by means of a Prospectus and Prospectus Supplement, copies of which may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov.
About Montpelier Re Holdings Ltd.
Montpelier Re, through its operating subsidiaries, is a provider of global property and casualty reinsurance and insurance products. Additional information can be found in the Company’s public filings with the Securities and Exchange Commission.
Contacts
Montpelier Re Holdings Ltd.
William Pollett, 441-299-7576
Treasurer and SVP