Bermuda
May 30, 2002


Montpelier Re Holdings Ltd. (Bermuda) ("Montpelier" or "the Company") today filed a Form S-1 registration statement with the United States Securities and Exchange Commission ("SEC") for an underwritten initial public offering of common shares for an amount up to $250 million of common shares. The final size of the offering will not be determined until after the registration statement becomes effective. The Company will sell all of the shares proposed to be offered. No officers, directors or other shareholders plan to sell shares in the offering.

The underwriters for the offering are being led by Morgan Stanley & Co. Incorporated, with Banc of America Securities LLC, and Credit Suisse First Boston Corporation as joint book runners and JP Morgan Securities Inc. as co-manager. Montpelier expects to grant the underwriters an over-allotment option. A copy of the prospectus relating to the offering, when available, may be obtained from Morgan Stanley, 1585 Broadway, New York, NY 10036, Attn: Prospectus Department, (212) 761-4000, or at www.sec.gov.

Montpelier is a leading Bermuda-based provider of reinsurance for the global property and casualty insurance market. We were incorporated in November 2001 and conduct our reinsurance operations through our wholly owned subsidiary Montpelier Reinsurance Ltd. Chief Executive Officer, Anthony Taylor, leads our underwriting team.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.