Bermuda insurer Montpelier Re Holdings Ltd. announced on Friday that the secondary public offering of 7,000,000 of its common shares by certain of its shareholders has been priced at $30.50 per share.

It said in a release that certain selling shareholders have also granted the underwriters an option to purchase an additional 1,050,000 common shares available for sale to cover over-allotments.

Montpelier said it did not sell any common shares in the offering and the selling shareholders will receive all the net proceeds.

The managing underwriters for the offering are Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and Credit Suisse First Boston LLC. Copies of the written prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036.

Montpelier Re Holdings Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global specialty property insurance and reinsurance products. During the three months ended March 31, 2003, Montpelier Reinsurance Ltd. underwrote $366.6 million in gross premiums. Shareholders' equity at March 31, 2003 was $1.36 billion.

Additional information can be found at www.montpelierre.bm.