Montpelier Re Raises 4thQ Estimates

February 7, 2003

Bermuda-based Montpelier Re Holdings Ltd., a subsidiary of the White Mountains Insurance Group, announced that it’s raising its fourth quarter and full year 2002 earnings per share estimates.

The company said it “expects to report diluted earnings per share of between $1.05 and $1.15,” representing “annual diluted earnings per share of between $2.70 and $2.80.” It also expects a return on equity of approximately 18 percent.

President and CEO Anthony Taylor, noted that: “The fourth quarter was an excellent one for us, especially in terms of lower than expected levels of catastrophe losses. We have completed a full scale review of loss reserves and have benefited from positive development in previously recorded reserves – the European floods being one such example.”

Montpelier Re also announced that it expects 2003 revenue levels to be at least as good as previously estimated. Taylor indicated that “based on the First Quarter 2003 renewal season, overall rates have been as good as or better than 2002 rates, and volumes and signings are significantly higher than seen twelve months earlier.”

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