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<TITLE>MONTPELIER RE HOLDINGS LTD.</TITLE>
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<P align="center" style="font-size: 10pt"><B>As filed with the
Securities and Exchange Commission on June&nbsp;2, 2005</B>
<DIV align="Right" style="font-size: 10pt"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center" color="#000000">


<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION
STATEMENT</B></DIV>


<DIV align="center" style="font-size: 12pt"><B>UNDER THE SECURITIES ACT
OF 1933</B></DIV>


<P align="center" style="font-size: 24pt"><B>MONTPELIER RE HOLDINGS LTD.</B>


<DIV align="center" style="font-size: 10pt"><B>(Exact Name of Registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Bermuda</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0428969</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
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</DIV>


<P align="center" style="font-size: 10pt"><B>Mintflower Place<BR>
8 Par-la-Ville Road<BR>
Hamilton, HM 08 Bermuda</B><BR>
(Address including zip code of Principal Executive Offices)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>Montpelier Re Holdings Ltd. Directors Share Plan</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>CT Corporation System<BR>
111 Eighth Avenue<BR>
New York, NY 10011<BR>
(212)&nbsp;590-9200</B>



<div align="center" style="font-size: 10pt">(Name, address and telephone number, including area code, of agent for service)
</div>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>With copies to:</B>



<P align="center" style="font-size: 10pt"><B>Ethan T. James, Esq.<BR>
Davis Polk &amp; Wardwell<BR>
450 Lexington Avenue<BR>
New York, NY 10017<BR>
(212)&nbsp;450-4244</B>



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<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


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    <TD nowrap align="left" colspan="13" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="13" style="border-bottom: 3px double #000000">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price Per Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B></TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
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    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common shares, par value 1/6 cent<BR>
per share (1)
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">100,000(2)
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$33.07(2)
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3,307,000(2)
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$389.24(3)</TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
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    <TD colspan="1" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
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    <TD colspan="1" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 0px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
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<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The common shares being registered hereby represent shares reserved for issuance pursuant
to awards granted or to be granted to eligible members of the Board of Directors of Montpelier
Re Holdings Ltd. under the Montpelier Re Holdings Ltd. Directors Share Plan (the &#147;Directors
Plan&#148;).</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Plus an indeterminate number of additional shares which may be offered and issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated pursuant to Rules 457(h) and 457(c) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), solely for the purpose of computing the registration fee, based on the
average of the high and low prices of the securities being registered hereby on the New York
Stock Exchange on May&nbsp;25, 2005.</TD>
</TR>

</TABLE>



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<P align="center" style="font-size: 10pt">&nbsp;
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">ITEM 4. DESCRIPTION OF SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">ITEM 8. EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">ITEM 9. REQUIRED UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09591exv5.htm">EX-5: OPINION OF CONYERS DILL & PEARMAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09591exv23w1.htm">EX-23.1: CONSENT OF PRICEWATERHOUSECOOPERS</A></TD></TR>
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<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I of this Registration Statement on
Form S-8 (&#147;Registration Statement&#148;) will be sent or given to participants in the Directors Plan as
specified under Rule&nbsp;428(b)(i) under the Securities Act. Such documents are not required to be, and
are not being, filed by Montpelier Re Holdings Ltd. (&#147;Montpelier&#148; or the &#147;Company&#148; or the
&#147;Registrant&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;), either as part of
this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under
the Securities Act. Such documents, together with the documents incorporated by reference herein
pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration Statement on Form S-8, constitute a prospectus
that meets the requirements of Section 10(a) of the Securities Act.

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<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


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<P align="left" style="font-size: 10pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Commission by the Company pursuant to the Securities
Act and the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are incorporated
herein by reference.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Annual Report on Form 10-K, of Montpelier for the fiscal year ended December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;All reports filed pursuant to Section 13(a) or 15(d) of the 1934 Act subsequent to the
filing of the item mentioned in (1)&nbsp;above;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The description of Montpelier&#146;s common shares contained in the registration statement on
Form S-1, filed with the Commission on May&nbsp;30, 2002, and including any amendment thereto or report
filed for the purpose of updating such description.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by Montpelier with the Commission pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in the Registration Statement and to be a
part hereof from the date of the filing of such documents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes hereof or of the related
prospectus to the extent that a statement contained herein or in any other subsequently filed
document which is also incorporated or deemed to be incorporated herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute part of this Registration Statement.

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<P align="left" style="font-size: 10pt"><B>ITEM 4. DESCRIPTION OF SECURITIES</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<P align="left" style="font-size: 10pt"><B>ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<!-- link1 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS" -->
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<P align="left" style="font-size: 10pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bye-law 31 of Montpelier&#146;s Amended and Restated Bye-Laws provides that Montpelier shall
indemnify its directors and officers to the fullest extent possible, except as prohibited under the Companies Act 1981 of
Bermuda, as amended from time to time. Specifically, Montpelier&#146;s directors and officers, as well
as their heirs, executors and administrators, shall be indemnified by Montpelier from and against
all actions, costs, charges, losses, damages and expenses which they or any of them, their heirs,
executors or administrators, may incur or sustain by reason of any act done, concurred in or
omitted in the execution of their duty, or supposed duty, or in their respective offices or trusts,
and none of them shall be answerable for the acts, receipts, neglects or defaults of the others of
them or for joining in any receipts for the sake of conformity, or for the acts of or the solvency
or honesty of any bankers or other persons with whom any moneys or effects belonging to Montpelier
may be deposited for safe custody, or for insufficiency or deficiency of any security upon which
any moneys belonging to Montpelier shall be placed out on or invested, or for any other loss,
misfortune or damage which may happen in the execution of their respective offices or trusts, or in
relation thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bye-law 32 of Montpelier&#146;s Amended and Restated Bye-Laws provides that, except with respect to
matters involving fraud or dishonesty of Montpelier&#146;s directors and officers, each shareholder
agrees to waive any claim or right of action it might have, whether individually or by or in the
right of Montpelier, against any director or officer on account of any action taken by such
director or officer, or the failure of such director or officer to take any action in the
performance of his duties with or for Montpelier.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
98 of the Companies Act 1981 of Bermuda provides generally that a
Bermuda company may indemnify its directors, officers and auditors
against any liability which by virtue of any rule of law would
otherwise be imposed on them in respect of any negligence, default,
breach of duty or breach of trust, except in cases where such
liability arises from fraud or dishonesty of which such director,
officer or auditor may be guilty in relation to the company. Section
98 further provides that a Bermuda company may indemnify its
directors, officers and auditors against any liability incurred by
them in defending any proceedings, whether civil or criminal, in
which judgment is awarded in their favour or in which they are
acquitted or granted relief by the Supreme Court of Bermuda pursuant
to section 281 of the Companies Act.

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<P align="left" style="font-size: 10pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</B>


<P align="left" style="font-size: 10pt">Not applicable.


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<P align="left" style="font-size: 10pt"><B>ITEM 8. EXHIBITS</B>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">4.1&nbsp;&nbsp;</TD>
    <TD>Memorandum of Association (incorporated herein by reference to Exhibit&nbsp;3.1 to the
Company&#146;s Registration Statement on Form S-1 filed on September&nbsp;20, 2002, as amended
(Registration No.&nbsp;333-89408).*</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">4.2&nbsp;&nbsp;</TD>
    <TD>Amended and Restated Bye-Laws (incorporated herein by reference to Exhibit&nbsp;3.1 to the
company&#146;s Current Report on Form 8-K as of May&nbsp;22, 2003, File No. 001-31468).*</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">5&nbsp;&nbsp;</TD>
    <TD>Opinion of Conyers Dill &#038; Pearman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">23.1&nbsp;&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">23.2&nbsp;&nbsp;</TD>
    <TD>Consent of Conyers Dill &#038; Pearman (included in Exhibit&nbsp;5).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">24&nbsp;&nbsp;</TD>
    <TD>Powers of attorney (included on the signature pages hereof).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">99&nbsp;&nbsp;</TD>
    <TD>Montpelier Re Holdings Ltd. Directors Share Plan (incorporated by reference to Form 8-K
filed on February&nbsp;28, 2005, File No.<BR>&nbsp;001-31468).*</TD>
</TR>


</TABLE>
<P>
<HR size="1" color="#000000" align="left" width="18%" noshade>

<DIV align="left" style="font-size: 10pt">*&nbsp;&nbsp;Incorporated
by reference.</DIV>

<!-- link1 "ITEM 9. REQUIRED UNDERTAKINGS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 9. REQUIRED UNDERTAKINGS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)&nbsp;</TD>
    <TD>To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><I>provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed by the Registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant,
Montpelier Re Holdings Ltd., certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing this Registration Statement on Form&nbsp;S-8, and has caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Hamilton, Bermuda, on this <BR>2nd&nbsp;day of June,&nbsp;2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MONTPELIER RE HOLDINGS LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jonathan B. Kim</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan B. Kim</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, constitutes
and appoints, Kernan V. Oberting and Jonathan B. Kim,
 and each of them, his or her
true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, to
do any and all acts and things and execute, in the name of the undersigned, any and all instruments
which said attorney-in-fact and agent may deem necessary or advisable in order to enable Montpelier
Re Holdings Ltd. to comply with the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and
any requirements of the Securities and Exchange Commission (the &#147;Commission&#148;) in respect thereof,
in connection with the filing with the Commission of this Registration Statement on Form S-8 under
the Securities Act, including specifically but without limitation, power and authority to sign the
name of the undersigned to such Registration Statement, and any amendments to such Registration
Statement (including post-effective amendments), and to file the same with all exhibits thereto and
other documents in connection therewith, with the Commission, to sign any and all applications,
registration statements, notices or other documents necessary or advisable to comply with
applicable state securities laws, and to file the same, together with other documents in connection
therewith with the appropriate state securities authorities, granting unto said attorney-in-fact
and agent, full power and authority to do and to perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully and to all intents and purposes as the
undersigned might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue
hereof.



<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="bottom" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/
Anthony Taylor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer
and Director
</TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="top">June 2, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anthony Taylor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Kernan V. Oberting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kernan V. Oberting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Neil McConachie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Accounting Officer and Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neil McConachie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
K. Thomas Kemp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Thomas Kemp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
John D. Gillespie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John D. Gillespie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Raymond Barrette</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond Barrette</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
G. Thompson Hutton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">G. Thompson Hutton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Raymond M. Salter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond M. Salter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Allan W. Fulkerson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Allan W. Fulkerson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
William L. Spiegel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">William L. Spiegel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Steven J. Gilbert</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven J. Gilbert</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Kamil M. Salame</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kamil M. Salame</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
John F. Shettle Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John F. Shettle Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="48%">&nbsp;</TD>
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    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John
D. Gillespie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John
D. Gillespie, as the duly
authorized representative of Montpelier Re
Holdings Ltd. in the United States
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
June&nbsp;2, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.1&nbsp;&nbsp;</TD>
    <TD>Memorandum of Association (incorporated herein by reference to Exhibit&nbsp;3.1 to the
Company&#146;s Registration Statement on Form S-1 filed on September&nbsp;20, 2002, as amended
(Registration No.&nbsp;333-89408).*</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.2&nbsp;&nbsp;</TD>
    <TD>Amended and Restated Bye-Laws (incorporated herein by reference to Exhibit&nbsp;3.1 to the
company&#146;s Current Report on Form 8-K as of May&nbsp;22, 2003,
File No.&nbsp;001-31468).*</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5&nbsp;&nbsp;</TD>
    <TD>Opinion of Conyers Dill &#038; Pearman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.1&nbsp;&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.2&nbsp;&nbsp;</TD>
    <TD>Consent of Conyers Dill &#038; Pearman (included in Exhibit&nbsp;5).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">24&nbsp;&nbsp;</TD>
    <TD>Powers of attorney (included on the signature pages hereof).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">99&nbsp;&nbsp;</TD>
    <TD>Montpelier Re Holdings Ltd. Directors Share Plan (incorporated by reference to Form 8-K
filed on February&nbsp;28, 2005, File No.<BR> 001-31468).*</TD>
</TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
</TR>


</TABLE>
<P>
<HR size="1" noshade width="18%" align="left" color="#000000">
<DIV align="left" style="font-size: 10pt">*&nbsp;&nbsp;Incorporated by reference.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
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MONTPELIER RE HOLDINGS LTD.
Table of Contents
As filed with the
Securities and Exchange Commission on June 2, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT
UNDER THE SECURITIES ACT
OF 1933
MONTPELIER RE HOLDINGS LTD.
(Exact Name of Registrant as specified in its charter)
Bermuda
98-0428969
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Mintflower Place
8 Par-la-Ville Road
Hamilton, HM 08 Bermuda
(Address including zip code of Principal Executive Offices)
Montpelier Re Holdings Ltd. Directors Share Plan
(Full title of the plan)
CT Corporation System
111 Eighth Avenue
New York, NY 10011
(212) 590-9200
(Name, address and telephone number, including area code, of agent for service)
With copies to:
Ethan T. James, Esq.
Davis Polk & Wardwell
450 Lexington Avenue
New York, NY 10017
(212) 450-4244
CALCULATION OF REGISTRATION FEE
Proposed
Proposed Maximum
Amount to be
Maximum Offering
Aggregate
Amount of
Title of Securities to be Registered
Registered
Price Per Share
Offering Price
Registration Fee
Common shares, par value 1/6 cent
per share (1)
100,000(2)
$33.07(2)
3,307,000(2)
$389.24(3)
(1)
The common shares being registered hereby represent shares reserved for issuance pursuant
to awards granted or to be granted to eligible members of the Board of Directors of Montpelier
Re Holdings Ltd. under the Montpelier Re Holdings Ltd. Directors Share Plan (the "Directors
Plan").
(2)
Plus an indeterminate number of additional shares which may be offered and issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions.
(3)
Estimated pursuant to Rules 457(h) and 457(c) under the Securities Act of 1933, as amended
(the "Securities Act"), solely for the purpose of computing the registration fee, based on the
average of the high and low prices of the securities being registered hereby on the New York
Stock Exchange on May 25, 2005.
TABLE OF CONTENTS
PART I
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
ITEM 4. DESCRIPTION OF SECURITIES
ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
ITEM 8. EXHIBITS
ITEM 9. REQUIRED UNDERTAKINGS
SIGNATURES
EXHIBIT INDEX
EX-5: OPINION OF CONYERS DILL & PEARMAN
EX-23.1: CONSENT OF PRICEWATERHOUSECOOPERS
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of this Registration Statement on
Form S-8 ("Registration Statement") will be sent or given to participants in the Directors Plan as
specified under Rule 428(b)(i) under the Securities Act. Such documents are not required to be, and
are not being, filed by Montpelier Re Holdings Ltd. ("Montpelier" or the "Company" or the
"Registrant") with the Securities and Exchange Commission (the "Commission"), either as part of
this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under
the Securities Act. Such documents, together with the documents incorporated by reference herein
pursuant to Item 3 of Part II of this Registration Statement on Form S-8, constitute a prospectus
that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed with the Commission by the Company pursuant to the Securities
Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated
herein by reference.
(1) The Annual Report on Form 10-K, of Montpelier for the fiscal year ended December 31, 2004.
(2) All reports filed pursuant to Section 13(a) or 15(d) of the 1934 Act subsequent to the
filing of the item mentioned in (1) above;
(3) The description of Montpelier's common shares contained in the registration statement on
Form S-1, filed with the Commission on May 30, 2002, and including any amendment thereto or report
filed for the purpose of updating such description.
In addition, all documents filed by Montpelier with the Commission pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in the Registration Statement and to be a
part hereof from the date of the filing of such documents.
Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes hereof or of the related
prospectus to the extent that a statement contained herein or in any other subsequently filed
document which is also incorporated or deemed to be incorporated herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL
Not
applicable.
Table of Contents
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Bye-law 31 of Montpelier's Amended and Restated Bye-Laws provides that Montpelier shall
indemnify its directors and officers to the fullest extent possible, except as prohibited under the Companies Act 1981 of
Bermuda, as amended from time to time. Specifically, Montpelier's directors and officers, as well
as their heirs, executors and administrators, shall be indemnified by Montpelier from and against
all actions, costs, charges, losses, damages and expenses which they or any of them, their heirs,
executors or administrators, may incur or sustain by reason of any act done, concurred in or
omitted in the execution of their duty, or supposed duty, or in their respective offices or trusts,
and none of them shall be answerable for the acts, receipts, neglects or defaults of the others of
them or for joining in any receipts for the sake of conformity, or for the acts of or the solvency
or honesty of any bankers or other persons with whom any moneys or effects belonging to Montpelier
may be deposited for safe custody, or for insufficiency or deficiency of any security upon which
any moneys belonging to Montpelier shall be placed out on or invested, or for any other loss,
misfortune or damage which may happen in the execution of their respective offices or trusts, or in
relation thereto.
Bye-law 32 of Montpelier's Amended and Restated Bye-Laws provides that, except with respect to
matters involving fraud or dishonesty of Montpelier's directors and officers, each shareholder
agrees to waive any claim or right of action it might have, whether individually or by or in the
right of Montpelier, against any director or officer on account of any action taken by such
director or officer, or the failure of such director or officer to take any action in the
performance of his duties with or for Montpelier.
Section
98 of the Companies Act 1981 of Bermuda provides generally that a
Bermuda company may indemnify its directors, officers and auditors
against any liability which by virtue of any rule of law would
otherwise be imposed on them in respect of any negligence, default,
breach of duty or breach of trust, except in cases where such
liability arises from fraud or dishonesty of which such director,
officer or auditor may be guilty in relation to the company. Section
98 further provides that a Bermuda company may indemnify its
directors, officers and auditors against any liability incurred by
them in defending any proceedings, whether civil or criminal, in
which judgment is awarded in their favour or in which they are
acquitted or granted relief by the Supreme Court of Bermuda pursuant
to section 281 of the Companies Act.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
4.1
Memorandum of Association (incorporated herein by reference to Exhibit 3.1 to the
Company's Registration Statement on Form S-1 filed on September 20, 2002, as amended
(Registration No. 333-89408).*
4.2
Amended and Restated Bye-Laws (incorporated herein by reference to Exhibit 3.1 to the
company's Current Report on Form 8-K as of May 22, 2003, File No. 001-31468).*
5
Opinion of Conyers Dill & Pearman.
23.1
Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm.
23.2
Consent of Conyers Dill & Pearman (included in Exhibit 5).
24
Powers of attorney (included on the signature pages hereof).
99
Montpelier Re Holdings Ltd. Directors Share Plan (incorporated by reference to Form 8-K
filed on February 28, 2005, File No.
001-31468).*
*  Incorporated
by reference.
ITEM 9. REQUIRED UNDERTAKINGS
(a) The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the
Securities Act;
2
Table of Contents
(ii)
To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement;
(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial
bona fide
offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant,
Montpelier Re Holdings Ltd., certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing this Registration Statement on Form S-8, and has caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Hamilton, Bermuda, on this
2nd day of June, 2005.
MONTPELIER RE HOLDINGS LTD.
By:
/s/ Jonathan B. Kim
Name:
Jonathan B. Kim
Title:
General Counsel
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, constitutes
and appoints, Kernan V. Oberting and Jonathan B. Kim,
 and each of them, his or her
true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, to
do any and all acts and things and execute, in the name of the undersigned, any and all instruments
which said attorney-in-fact and agent may deem necessary or advisable in order to enable Montpelier
Re Holdings Ltd. to comply with the Securities Act of 1933, as amended (the "Securities Act"), and
any requirements of the Securities and Exchange Commission (the "Commission") in respect thereof,
in connection with the filing with the Commission of this Registration Statement on Form S-8 under
the Securities Act, including specifically but without limitation, power and authority to sign the
name of the undersigned to such Registration Statement, and any amendments to such Registration
Statement (including post-effective amendments), and to file the same with all exhibits thereto and
other documents in connection therewith, with the Commission, to sign any and all applications,
registration statements, notices or other documents necessary or advisable to comply with
applicable state securities laws, and to file the same, together with other documents in connection
therewith with the appropriate state securities authorities, granting unto said attorney-in-fact
and agent, full power and authority to do and to perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully and to all intents and purposes as the
undersigned might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue
hereof.
4
Table of Contents
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/
Anthony Taylor
Chairman and Chief Executive Officer
and Director
June 2, 2005
Anthony Taylor
/s/
Kernan V. Oberting
Chief Financial Officer
June 2, 2005
Kernan V. Oberting
/s/
Neil McConachie
Chief Accounting Officer and Treasurer
June 2, 2005
Neil McConachie
/s/
K. Thomas Kemp
Director
June 2, 2005
K. Thomas Kemp
/s/
John D. Gillespie
Director
June 2, 2005
John D. Gillespie
/s/
Raymond Barrette
Director
June 2, 2005
Raymond Barrette
/s/
G. Thompson Hutton
Director
June 2, 2005
G. Thompson Hutton
/s/
Raymond M. Salter
Director
June 2, 2005
Raymond M. Salter
/s/
Allan W. Fulkerson
Director
June 2, 2005
Allan W. Fulkerson
/s/
William L. Spiegel
Director
June 2, 2005
William L. Spiegel
/s/
Steven J. Gilbert
Director
June 2, 2005
Steven J. Gilbert
5
Table of Contents
Signature
Title
Date
/s/
Kamil M. Salame
Director
June 2, 2005
Kamil M. Salame
/s/
John F. Shettle Jr.
Director
June 2, 2005
John F. Shettle Jr.
6
Table of Contents
AUTHORIZED REPRESENTATIVE
/s/ John
D. Gillespie
John
D. Gillespie, as the duly
authorized representative of Montpelier Re
Holdings Ltd. in the United States
Date:
June 2, 2005
7
Table of Contents
EXHIBIT INDEX
4.1
Memorandum of Association (incorporated herein by reference to Exhibit 3.1 to the
Company's Registration Statement on Form S-1 filed on September 20, 2002, as amended
(Registration No. 333-89408).*
4.2
Amended and Restated Bye-Laws (incorporated herein by reference to Exhibit 3.1 to the
company's Current Report on Form 8-K as of May 22, 2003,
File No. 001-31468).*
5
Opinion of Conyers Dill & Pearman.
23.1
Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm.
23.2
Consent of Conyers Dill & Pearman (included in Exhibit 5).
24
Powers of attorney (included on the signature pages hereof).
99
Montpelier Re Holdings Ltd. Directors Share Plan (incorporated by reference to Form 8-K
filed on February 28, 2005, File No.
001-31468).*
*  Incorporated by reference.