Montpelier Reports Initial Loss Estimate of $35M from Second Quarter Storms

Montpelier Re Holdings Ltd. MRH today announced a preliminary estimate of losses from the severe flood, hail, tornado and wind events that occurred in the United States during the second quarter of 2011. Montpelier estimates its pretax net loss from these weather events to be $35 million, which is net of reinsurance recoveries and reinstatement premiums. In view of the uncertainties associated with this preliminary estimate, Montpelier's actual losses may differ, perhaps significantly, from this estimate. In addition, Montpelier does not currently expect to incur any losses from the June 2011 New Zealand earthquake and does not currently anticipate any material development to its reported net loss reserves associated with the first quarter 2011 international catastrophe events, which include the Japan and New Zealand Earthquakes and the Australian floods and cyclone.