White Mountains Withdraws Montpelier Re Share Offering

March 12, 2004

Bermuda-based White Mountains Insurance Group, Ltd. announced that it and funds managed by Prospector Partners, LLC have decided to withdraw their proposed secondary offering of approximately 4,785,540 common shares of Montpelier Re Holdings Ltd. pursuant to an effective shelf registration statement.

The company announced the secondary offering on Tuesday (See IJ Website Mar.9).

White Mountains said that it and Prospector Partners made the decision to shelve the secondary offering due to “unfavorable market conditions.” Montpelier’s shares had dropped around 20 points on the NYSE, from above $495 to close yesterday at $476, following the announcement.

Global share markets have also experienced a sharp decline as a result of the bombings in Madrid.

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