NEW YORK (Reuters) ? Montpelier Re Holdings Ltd., a Bermuda reinsurer, said yesterday it has reached two equity forward sale agreements which allow it to sell common shares to an affiliate of Credit Suisse for about $180 million.

The sale could be as high as $205 million if the Credit Suisse unit exercises its overallotment option, Montpelier Re said.

The agreement with Credit Suisse provides additional liquidity to Montpelier Re as it enters another hurricane season, which started on June 1 and goes through November 30. Its stock was trading at mid-morning on the New York Stock Exchange at $15.03, down 55 cents, or 3.5 percent.

Under the terms of the two forward sale agreements, the insurer would sell between 9.8 million and 15.7 million common shares, or up to 17.8 million with the over-allotment, to the Credit Suisse unit.

The Credit Suisse unit will sell between 6.8 million and 7.7 million of the shares in a public offering at $15.05 per share in order to hedge its position under the forward sale agreement, and may sell the additional shares in the future from time to time.