Blue Capital Global Reinsurance Fund Limited – Results of First Closing under the Placing Programme

Hamilton, Bermuda – 03 May, 2013 – Blue Capital Global Reinsurance Fund Limited (the "Company" or "BCGR") is pleased to announce the successful First Closing under the Placing Programme initiated on 16 April 2013.  An aggregate of 51,250,000 new Ordinary Shares in the Company will be issued at a price of US$1.02 per Ordinary Share, raising gross proceeds of US$52.275 million.

The Company will use the net proceeds of the First Closing to invest in a diversified portfolio of fully collateralised reinsurance-linked contracts and other investments carrying exposures to insured catastrophe event risks via a segregated account of Blue Water Master Fund Ltd. It is anticipated that the majority of the net proceeds together with the uninvested balance of the net proceeds from the Initial Public Offer will be invested in the June and July 2013 reinsurance renewals.

Commenting on the result of the First Closing, William Pollett, President and CEO of Blue Capital Management Ltd, said: “We are delighted to have attracted such a strong level of support from a broad range of new and existing high quality investors. We believe the First Closing provides the Company with a strong platform for further growth and we anticipate taking full advantage of the Placing Programme for further fundraising opportunities over the next twelve months.”

The First Closing is conditional upon, inter alia, the disapplication of pre-emption rights in connection with the Placing Programme by Existing Shareholders at the Special General Meeting of the Company to be held today.

Application will be made for 51,250,000 Ordinary Shares to be admitted to trading on the London Stock Exchange’s Specialist Fund Market and on the Bermuda Stock Exchange ("BSX"). The Company expects that the Ordinary Shares will be admitted to trading at 8.00 a.m. on 9 May 2013. Following Admission, the total number of Ordinary Shares in issue will be 151,350,000.

Jefferies International Limited (“Jefferies”) is acting as financial adviser and bookrunner in relation to the Placing Programme.

Terms used and not defined in this announcement bear the meaning given to them in the Prospectus.

Blue Capital Management Ltd. ("Blue Capital"), which serves as the investment manager for both the Company and Blue Water Master Fund Ltd., provides innovative catastrophe reinsurance-linked investment products for institutional and retail investors. Catastrophe reinsurance is an alternative asset class whose returns have historically been largely uncorrelated to those of other asset classes including global equities, bonds and hedge funds.

Blue Capital is wholly owned by Montpelier Re Holdings Ltd. (NYSE: MRH, "Montpelier Re"), a leading global provider of property catastrophe and short tail reinsurance solutions with over US$3.5 billion of assets. By leveraging Montpelier Re's industry-leading proprietary systems, underwriting expertise, and deep broker and client relationships, Blue Capital differentiates itself by providing investors access to the entire catastrophe reinsurance market. More information is available at www.bluecapital.bm

Contacts

For investor and media enquiries please contact:

William Pollett,

President, Blue Capital                                   +1 441-299-7576

Jeannine Menzies, Montpelier                        +1 441-299-7570

Gary Gould/Mark James/ Alex Collins           +44 20 7029 8000

Jefferies International Limited

Contacts