Blue Capital Global Reinsurance Fund Limited – Result of Second Placing

Hamilton, Bermuda – 18 November, 2013 – Blue Capital Global Reinsurance Fund Limited (the "Company" or "BCGR") has issued an update regarding the ‘second placing’. The update reads:

Blue Capital Global Reinsurance Fund Limited is pleased to announce that a further 21,101,028 new Ordinary Shares in the Company will be issued at a price of US$1.09 per Ordinary Share, raising gross proceeds of US$23.0 million, pursuant to the Second Placing under the Placing Programme

The net proceeds raised pursuant to the Second Placing 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 expected that the majority of the net proceeds will be invested in the January 2014 reinsurance renewals.

Application will be made for 21,101,028 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 21 November 2013. Following Admission, the total number of Ordinary Shares in issue will be 172,451,028.

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$3.9 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/Alex Collins                     +44 20 7029 8000

Jefferies International Limited