Blue Capital Global Reinsurance Fund Limited - Proposed Placing Programme

Hamilton, Bermuda – 21 March, 2013 – The Board of Blue Capital Global Reinsurance Fund Limited (the "Company" or "BCGR") has announced that, in the absence of unforeseen circumstances, it intends to proceed with a proposal for a series of placings of new shares in the Company (the “Placing Programme”). The net proceeds raised pursuant to the Placing Programme are expected to be invested in fully collateralised reinsurance-linked contracts and other investments carrying exposures to insured catastrophe event risks in accordance with the Company’s investment policy. It is anticipated that the first placing will close in Q2 2013.

BCGR listed on the the London Stock Exchange's Specialist Fund Market ("SFM") (ticker: BCGR) and the Bermuda Stock Exchange on December 6, 2012, raising $100.1 million. The Company provides investors with the opportunity to access the global catastrophe reinsurance market, and to invest in an alternative asset class whose returns have historically been largely uncorrelated to those of other asset classes, including global equities, bonds and hedge funds.

The Company is targeting an annualised dividend yield of LIBOR plus 6 per cent per annum on the Issue Price of the Ordinary Shares and a net return to Shareholders (comprised of dividends and other distributions to Shareholders together with increases in the Company’s Net Asset Value) of LIBOR plus 10 per cent per annum to be achieved over the longer term, net of fees*.

A further announcement giving full details of the Placing Programme will be made at the time of publication of the prospectus, expected to be in April 2013.

Blue Capital Management Ltd. ("Blue Capital"), which serves as the investment manager for both the Company and Blue Water Master Fund Ltd., through a variety of different products, provides institutional and retail investors with the opportunity to access the global catastrophe reinsurance market.

Blue Capital is wholly owned by Montpelier Re Holdings Ltd. (NYSE: MRH, "Montpelier"), a leading global provider of property catastrophe and short tail reinsurance solutions with over US$3.5 billion of assets. Blue Capital therefore benefits from Montpelier's industry leading proprietary reinsurance modelling tools, underwriting and risk management expertise and strong broker/client relationships. Additional information regarding Blue Capital can be found  at www.bluecapital.bm

Note *: These are targets only and not profit forecasts.  There can be no assurance that these targets will be met or that the Company will make any returns or distributions whatsoever or that investors will recover all or any of their investment. Prospective investors should decide for themselves whether or not the target returns and distributions are reasonable or achievable in deciding whether to invest in the Company.

For further information please contact:

William Pollett,

President, Blue Capital Management Ltd.      +1 441-299-7576

Bill.pollett@bluecapital.bm

Gary Gould/Alex Collins                                 +44 20 7029 8000

Jefferies International Limited

Ed Orlebar/Anastasia Shiach                         +44 20 7353 4200

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