Montpelier Re Completes Secondary Share Offering

November 23, 2004

Bermuda’s Montpelier Re Holdings Ltd. announced that certain of its founding shareholders have completed their sale of an aggregate of 3,500,000 common shares of the Company to Credit Suisse First Boston LLC at a price of $36.65 per share (See IJ Website Nov. 18).

The announcement noted: “The shares were sold under the Company’s Form S-3 shelf registration statement which was declared effective on February 23rd, 2004. The selling shareholders are Cypress Associates II (Cayman) L.P. and entities associated with it and DLJMB Overseas Partners III, C.V. and associated funds.”

Montpelier Re did not sell any shares pursuant to the offering, nor did it receive any if the proceeds, which were received by the selling shareholders.

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