Montpelier Re Holdings Ltd. Announces Nomination of Directors

Montpelier Re Holdings Ltd. (NYSE: MRH) today announced that the Board of Directors has nominated Thomas George Story Busher, John D. Collins, John Roderick Heller, III and Ian M. Winchester to stand for election to the Board of Directors at the Annual General Meeting upon the recommendation of the Compensation and Nominating Committee. As previously reported on February 22, 2007, Raymond M. Salter advised the Company of his intention not to offer himself for re-election and to retire from the Board of Directors at the conclusion of the Company’s 2007 Annual General Meeting of Shareholders on May 23, 2007. Anthony Taylor, Chairman and Chief Executive said, "The Board expresses its gratitude to Ray for his valuable service to the Company since its inception in 2001. We are also delighted to have attracted four such well-qualified nominees who will bring a wide variety of experience to the Board if elected.” Thomas George Story Busher is currently the Chief Operating Officer and Executive Vice President of Montpelier Re Holdings Ltd. and its wholly-owned operating subsidiary, Montpelier Reinsurance Ltd. From 1985 to 2000, Mr. Busher was employed by Wellington Underwriting, where he served as Director and Group Secretary and as Director and Secretary of Wellington. Mr. Busher has also served as Chairman of Lloyd’s Underwriting Agents Association and as a member of the Business Conduct Committee of Lloyd’s Regulatory Board and of Lloyd’s/FSA Liaison Committee. Mr. Busher is a Solicitor of the Supreme Court of England & Wales and holds a Bachelor of Arts degree in Law from Clare College, Cambridge. John D. Collins is currently a director of Mrs. Fields Companies, Inc., Excelsior Mutual Funds and Suburban Propane Partners, L.P. He is also a member of the Board of his alma mater, LeMoyne College in Syracuse, New York. In 1999, he retired from his role as a senior audit partner with KPMG in New York City. Since then he has been a consultant to KPMG and subsequently to a number of other companies. During his career, Mr. Collins served a five-year term as the United States representative on the International Auditing Procedures Committee, which develops auditing standards for use worldwide. John Roderick Heller, III is Chairman and CEO of Carnton Capital Associates, a private investment corporation in Washington, D.C. From May 1986 until December 1997, Mr. Heller served as Chairman and Chief Executive Officer of NHP Incorporated and various related organizations. NHP, prior to its sale in 1997, was a public company which, collectively with NHP Partners, Inc., was the largest owner and operator of apartment properties in the United States. From 1971 to 1982, Mr. Heller was a partner in the law firm of Wilmer, Cutler & Pickering in Washington, D.C. He served as Chairman of National Capital Revitalization Corporation, the economic development corporation of Washington, D.C., from 2001 until 2003 and is on the board of First Potomac Realty Trust and various private for-profit corporations. Mr. Heller received a Bachelor of Arts degree from Princeton University, a Masters degree in history from Harvard University and a LLB degree from Harvard Law School. Ian M. Winchester is currently a Managing Partner and Chairman of the Investment Committee of BHC Winton Fund, L.P., an investment fund which focuses on providing capital to syndicates operating in the Lloyd’s of London ("Lloyd’s”) market, and the Managing Director – Insurance – of Brooks, Houghton & Co., a privately owned specialist investment banking and fund management firm founded in 1989. From 1985 to 2006, he was with T&H Holdings, Inc., parent of Toplis and Harding, Inc., one of the oldest independent insurance outsourced services companies in North America specializing in claims adjusting work, where he served as Chairman, President and CEO and where he continues to serve as a non-executive director. From 1970 to 1985, he was with Winchester Bowring, Ltd., a specialist reinsurance broker at Lloyd’s and a subsidiary of Marsh & McLennan, Inc. where he served as Managing Director from 1976 to 1985, and from 1964 to 1970 he was with Alexander Howden, Ltd., now a part of Aon Corporation, where he served as an Assistant Director from 1968 to 1970. Mr. Winchester has also been an Underwriting Member of Lloyd’s since 1978. Montpelier Re Holdings Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global property and casualty reinsurance and insurance products. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This press release contains, and Montpelier Re may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws, which 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. In particular, statements using words such as "may," "should," "estimate," "expect," "anticipate," "intend," "believe," "predict," "potential," or words of similar import generally involve forward-looking statements. Important events and uncertainties that could cause the actual results, future dividends or future common share repurchases to differ include, but are not necessarily limited to: market conditions affecting our common share price; the possibility of severe or unanticipated losses from natural or man-made catastrophes; the effectiveness of our loss limitation methods; our dependence on principal employees; the cyclical nature of the reinsurance business; the levels of new and renewal business achieved; opportunities to increase writings in our core property and specialty reinsurance and insurance lines of business and in specific areas of the casualty reinsurance market; the sensitivity of our business to financial strength ratings established by independent rating agencies; the estimates reported by cedants and brokers on pro-rata contracts and certain excess of loss contracts where the deposit premium is not specified in the contract; the inherent uncertainties of establishing reserves for loss and loss adjustment expenses, particularly on longer-tail classes of business such as casualty; our reliance on industry loss estimates and those generated by modeling techniques; unanticipated adjustments to premium estimates; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions; changes in governmental regulation or tax laws in the jurisdictions where we conduct business; the amount and timing of reinsurance recoverables and reimbursements we actually receive from our reinsurers; the overall level of competition, and the related demand and supply dynamics in our markets relating to growing capital levels in the reinsurance industry; declining demand due to among other things increased retentions by cedants and other factors; the impact of terrorist activities on the economy; and rating agency policies and practices. These and other events that could cause actual results to differ are discussed in detail in "Risk Factors" contained in our annual report on Form 10-K for the year ended December 31, 2006 which we have 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.