Montpelier Re Holdings Ltd. (Montpelier) announced yesterday that the company had raised more than $200 million from their Initial Public Offering.

The company announced yesterday that it has closed its initial public offering (IPO) of 10,952,600 common shares, including the exercise of the underwriters' over-allotment option for the maximum of 1,428,600 common shares, raising approximately $201.2 million in net proceeds.

The common shares now trade on the New York Stock Exchange under the symbol "MRH", with a total market capitalisation of over $1.7 billion based on yesterday's closing price.

The common shares were offered by an underwriting group joint-managed by Morgan Stanley, Banc of America Securities and Credit Suisse First Boston and comanaged by JPMorgan. Copies of the final prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036, (212) 761-4000.

Montpelier Re Holdings Ltd. is a leading Bermuda-based reinsurer for the global insurance market, conducting its operations through its wholly owned subsidiary, Montpelier Re. In December 2001, Montpelier Re commenced operations with approximately $1 billion of capital.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 9, 2002.