Montpelier Re Holdings Ltd. Announces Appointment of Christopher L. Harris as Chief Underwriting & Risk Officer

Chris Harris received a Bachelor of Science in Mathematics fromthe University of North Texas and is a Fellow of the CasualtyActuarial Society, a Chartered Property and Casualty Underwriter, anda Chartered Financial Analyst. He joined Montpelier Re from AllianzRisk Transfer, where he was Chief Actuary North America. Previously,he ran the actuarial consulting practice for KPMG Bermuda, and hisexperience includes both consulting and operational roles in theinsurance and reinsurance fields.

Anthony Taylor, Chairman and Chief Executive said, "Chrispossesses a unique combination of underwriting and actuarial skillsthat are an ideal match for the changing demands of the CUO role intoday's fast evolving environment. I would like to record theCompany's gratitude to Russ for his great contribution to the foundingof Montpelier and his leadership of the underwriting team."

Montpelier Re Holdings Ltd., through its operating subsidiaryMontpelier Reinsurance Ltd., is a premier provider of global propertyand casualty reinsurance and insurance products. During the year endedDecember 31, 2005, Montpelier underwrote $978.7 million in grosspremiums written. Shareholders' equity at December 31, 2005 was $1.1billion. Additional information can be found in Montpelier's publicfilings with the Securities and Exchange Commission.

Application of the Safe Harbor of the Private SecuritiesLitigation Reform Act of 1995:

This press release contains, and Montpelier may from time to timemake, written or oral "forward-looking statements" within the meaningof the U.S. federal securities laws, which are made pursuant to thesafe harbor provisions of the Private Securities Litigation Reform Actof 1995. All forward-looking statements rely on a number ofassumptions concerning future events and are subject to a number ofuncertainties and other factors, many of which are outsideMontpelier's control, that could cause actual results to differmaterially from such statements. In particular, statements using wordssuch as "may," "should," "estimate," "expect," "anticipate," "intend,""believe," "predict," "potential," or words of similar importgenerally involve forward-looking statements.

Important events and uncertainties that could cause the actualresults, future dividends or future repurchases to differ include, butare not necessarily limited to: market conditions affectingMontpelier's common share price; our short operating and tradinghistory; our dependence on principal employees; the cyclical nature ofthe reinsurance business; the levels of new and renewal businessachieved; opportunities to increase writings in our core property andspecialty reinsurance and insurance lines of business and in specificareas of the casualty reinsurance market; the sensitivity of ourbusiness to financial strength ratings established by independentrating agencies; the estimates reported by cedants and brokers onpro-rata contracts and certain excess of loss contracts where thedeposit premium is not specified in the contract; the inherentuncertainties of establishing reserves for loss and loss adjustmentexpenses, particularly on longer-tail classes of business such ascasualty; our reliance on industry loss estimates and those generatedby modeling techniques; unanticipated adjustments to premiumestimates; the possibility of severe or unanticipated losses fromnatural or man-made catastrophes, including Hurricanes Katrina, Ritaand Wilma; evolving interpretive issues with respect to coverage as aresult of Hurricanes Katrina, Rita and Wilma; the effectiveness of ourloss limitation methods; changes in the availability, cost or qualityof reinsurance or retrocessional coverage; changes in general economicconditions; changes in governmental regulation or tax laws in thejurisdictions where we conduct business; the total industry lossesresulting from Hurricanes Katrina, Rita and Wilma; the actual numberof our insureds incurring losses from these storms; the limited actualloss reports received from our insureds to date; the impact of thesestorms on our reinsurers; the amount and timing of reinsurancerecoverables and reimbursements actually received by us from ourreinsurers; the overall level of competition, and the related demandand supply dynamics, in our markets relating to growing capital levelsin the reinsurance industry, declining demand due to, among otherthings, increased retentions by cedants, and other factors; marketacceptance of the underwriting capacity of Blue Ocean Reinsurance Ltd.without a financial strength rating from an independent rating agency;the impact of terrorist activities on the economy; and rating agencypolicies and practices. Montpelier's forward-looking statementsconcerning market fundamentals could be affected by changes in demand,pricing and policy term trends and competition. These and other eventsthat could cause actual results to differ are discussed in detail in"Risk Factors" in Item 1A of Montpelier's Annual Report on Form 10-Kfiled for the year ended December 31, 2005 on March 14, 2006 with theSecurities and Exchange Commission.

Montpelier undertakes no obligation to publicly update or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise. Readers are cautioned not toplace undue reliance on these forward-looking statements, which speakonly as of the date on which they are made.