Montpelier Re Announces Shareholder Sale

November 18, 2004

Bermuda-based Montpelier Re Holdings Ltd. announced that certain of its founding shareholders had sold an aggregate of 3,500,000 common shares of the Company under the Form S-3 shelf registration statement which was declared effective on February 23rd, 2004.

Bermuda-based Montpelier Re Holdings Ltd. announced that certain of its founding shareholders had sold an aggregate of 3,500,000 common shares of the Company under the Form S-3 shelf registration statement which was declared effective on February 23rd, 2004.

The bulletin identified the selling shareholders as: “Cypress Associates II (Cayman) L.P. and entities associated with it and DLJMB Overseas Partners III, C.V. and associated funds.”

It also indicated that “Montpelier will not sell any common shares in the offering. The selling shareholders will receive all of the net proceeds.”

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