Change of Directors at Montpelier Re

Bermuda-based Montpelier Re Holdings Ltd. has announced that John D. Gillespie, Kamil M. Salame and William L. Spiegel have advised the Company of their intention to resign as members of the Board of Directors following the conclusion of the 2006 Annual General Meeting.

The Company said that in “order to fill the resulting vacancies, the Board of Directors has nominated Morgan W. Davis, Clement S. Dwyer, Jr. and Candace L. Straight as candidates for election to the Board of Directors at the Annual General Meeting upon the recommendation of the Compensation and Nominating Committee.”

Chairman and CEO Anthony Taylor commented: “The Board expresses its gratitude to John, Kamil and William for their great service to the Company through its formative years. We are also delighted to have attracted three such well qualified nominees for election to the Board.”

The bulletin gave the following backgrounds for the prospective new Board Members:

Davis is currently a director of One Beacon LLC, Esurance, Merastar Industries, and President & Director of American Centennial Insurance Co. He was formerly Managing Director at One Beacon Insurance Co. from 2001 to 2005. From 1994 to 2001, he served in a variety of capacities for White Mountains Insurance Group Ltd. Prior thereto he was with Fireman’s Fund Insurance Co. for seven years and INA/Cigna for ten years. During his career he has been on a variety of boards, including, CCC, Claims IQ, Azusa Pacific University, California State Seismic Safety Commission, Entertainment Digital Network, National Automobile Club and a variety of insurance companies (Alaska Pacific, Charter, Main Street America, National Farmers’ Union, Peninsula, White Mountains, Valley Group).

Dwyer, Jr., has over 35 years of experience in the insurance and reinsurance industries, concentrating primarily on worldwide property and casualty business and the financing of insurance enterprises. He is the Managing Member of URSA Advisors, LLC, a company formed in 1997 to provide insurance and reinsurance advisory services. Prior to the formation of URSA Advisors, Dwyer was President and CEO of Signet Star Holdings, Inc., a reinsurance subsidiary of W.R. Berkeley Corp. From 1970 to 1996, he was with Guy Carpenter & Company, Inc., most recently as an Executive Vice President and Director.

Straight has served since 1997 as a self-employed investment banking consultant specializing in the insurance industry. Formerly, she served as an Advisory Director of Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector) from 1998 to 2003. She currently serves as a director of Neuberger Berman Mutual Funds, Providence Washington Insurance Company, National Atlantic Holdings Corporation and Proformance Insurance Company.