Montpelier Re Expects Q1 Earnings Per Share Between $1.48 and $1.58

April 22, 2003

Bermuda-based Montpelier Re Holdings Ltd., a subsidiary of the White Mountains Group, announced that it expects to report first quarter diluted earnings per share between $1.48 and $1.58.

Anthony Taylor, President and CEO noted, “Our preliminary review indicates that the first quarter of 2003, like the preceding fourth quarter of 2002, was an excellent one for us. Our strong results are primarily due to minimal reported losses during the quarter, combined with reductions in losses reported in 2002.”

The Company did warn that quarterly results can vary widely and are influenced “by the occurrence or non-occurrence of large losses.” It therefore cautioned that “the preliminary review of first quarter earnings should not be viewed as predictive of future quarters or earnings for the full year.”

Montpelier Re expects to release its first quarter results following the market close on Wednesday, April 30 and will discuss its results in a conference call scheduled for Thursday, May 1 at 8:30 a.m. Eastern Standard Time.

The presentation will be available via a live audio webcast accessible through the Company’s investor section of its website at, or via telephone by dialing (888) 482-0024 (toll-free) or (617) 801-9702 (international) and entering the pass code: 311053. A telephone replay of the conference call will be available through May 8th, 2003 by dialing 888-286-8010 (toll-free) or 617-801-6888 (international) and entering the pass code: 89458712.

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