BSX Approves Listing of up to 73,526,150 Common Shares of Montpelier Re Holdings Ltd.

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HAMILTON, Bermuda--(BUSINESS WIRE)--July 2, 2003

The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 73,526,150 Common Shares of Montpelier Re Holdings Ltd.

Montpelier Re Holdings Ltd was incorporated under the laws of Bermuda on November 14th, 2001. The Common Shares began trading on the New York Stock Exchange (NYSE) on October 10th, 2002 under the symbol 'MRH'. The BSX listing is a secondary listing and is effective from May 6th, 2003.

Montpelier Re Holdings Ltd. is the holding company of Montpelier Reinsurance Ltd - a leading provider of reinsurance for the global insurance market, based in Hamilton, Bermuda. Montpelier Reinsurance Ltd. is rated "A" (Excellent) by A.M. Best Company and "A3" (Good) by Moody's Investors Service. During the three months ended March 31st, 2003, Montpelier Re underwrote $366.6 million in gross premiums. Shareholders' equity at March 31st, 2003 was $1.36 billion.

The listing of the Common Shares of Montpelier Re Holdings Ltd. was sponsored by LOM Capital Limited.

"The BSX welcomes Montpelier Re Holdings Ltd. to listing", said Mr. James S. McKirdy, Listings and Compliance Manager of the BSX. "Montpelier Re joins the growing list of Bermuda-domiciled insurance companies to list on the Exchange on a secondary basis."

Montpelier Re's President and CEO, Anthony Taylor, said: "We are delighted to join the Bermuda Stock Exchange. Montpelier Re is very proud of its Bermuda base, and we look forward to being listed as a member of such an innovative and respected international market."

"LOM Capital is proud to have sponsored the Montpelier Re listing on the BSX, which is LOM Capital's fourth BSX reinsurance company sponsorship in the past 18 months" said Scott Lines, Managing Director of LOM Capital. "Montpelier Re is a proud addition to the growing number of world class, Bermuda-based reinsurance companies listed in Bermuda."

For further information on Montpelier Re Holdings Ltd., please visit the Company's website at: www.montpelierre.bm or contact Keil Gunther, Information Manager, at [phone].

For more information on the Bermuda Stock Exchange (BSX), contact Christopher Dill at [phone] or [e-mail]. Information is also available at www.bsx.com, on Bloomberg at BSX <GO>, and on Reuters at THE BSX.

The BSX was founded in 1971 and is the world's leading fully electronic offshore securities market. The BSX lists equities, mutual funds and bonds, as well as depository receipts. The Exchange is recognized by the SEC as a "DOSM" (Designated Offshore Securities Market) and is a full member of the World Federation of Exchanges.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:

This press release contains, and Montpelier may from time-to-time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside Montpelier's control that could cause actual results to differ materially from such statements. Important events that could cause the actual results to differ include, but are not necessarily limited to, market conditions affecting Montpelier's common share price; the requesting shareholders' ability to revoke the registration request; our short operating and trading history; our dependence on principal employees; the cyclical nature of the reinsurance business; the levels of new and renewal business achieved; the possibility of severe or unanticipated losses from natural or man-made catastrophes; the impact of terrorist activities on the economy; competition in the reinsurance industry and rating agency policies and practices. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Montpelier's Annual Report on Form 10-K for the year ended December 31, 2002 and its Form S-1 Registration Statement with respect to the common shares, each filed with the Securities and Exchange Commission. Montpelier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.