Montpelier Re Modifies Changes in Board of Directors

March 25, 2004

Bermuda’s Montpelier Re Holdings Ltd. announced that it is modifying previously announced changes to its Board of Directors concerning directors and nominees associated with White Mountains Insurance Group, Ltd.

On Feb. 27 the company announced that Anthony Taylor had succeeded Jack Byrne, retired Chairman and CEO of White Mountains, as Chairman of Montpelier and that he would remain on the Board as a director until the annual general meeting in May. It also announced that the Board had nominated John P. Cavoores, President and CEO of White Mountains’ subsidiary, One Beacon Insurance Group, for election to the Board at the annual general meeting.

Yesterday Montpelier announced “that Mr. Byrne will retire from the Montpelier Board effective March 31st 2004 and that Mr. Cavoores will not be standing as a nominee for election to the Board.”

The bulletin said the modifications were being made following an advice from White Mountains that it had made changes “in connection with an internal restructuring of White Mountains’ business and that, together with additional steps White Mountains may take, a change in the treatment of its Montpelier investment under US generally accepted accounting principles may result.”

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