On June 21 2007, Montpelier Re Holdings Ltd. (the "Registrant") and two of its wholly-owned subsidiaries, Montpelier Reinsurance Ltd. and Montpelier Capital Limited, entered into a Standby Letter of Credit Facility Agreement (the "Facility") with The Royal Bank of Scotland plc.

The Facility provided the Registrant with a secured £74 million standby letter of credit facility through December 31, 2012, which was to be used to support business written by its Montpelier Syndicate 5151.

On October 27, 2008, the Facility was amended and restated to provide the Registrant with a secured £110 million standby letter of credit facility through December 31, 2013 (the "Amended and Restated Facility"). The Amended and Restated Facility will continue to be used to support business written by Montpelier Syndicate 5151.

The foregoing description of the Amended and Restated Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Facility, the Security Agreement and the Control Agreement. A copy of the Amended and Restated Facility is filed as Exhibit 99.1 to this Current Report on Form 8-K. Copies of the Security Agreement and the Control Agreement were previously filed as Exhibits 99.2 and 99.3, respectively, to the Company's Form 8-K filed June 25, 2007.

(d) Exhibits.

Exhibit No.                            Description of Exhibit
99.1           Amended and Restated Letter of Credit Facility Agreement dated
               October 27, 2008 among Montpelier Reinsurance Ltd. (as Company),
               Montpelier Re Holdings Ltd. (as Parent), Montpelier Capital Limited (as
               Account Party) The Royal Bank of Scotland plc (as Mandated Lead
               Arranger and as Agent and Security Trustee), and ING Bank N.V. (as an
               Original Lender).

99.2           Security Agreement dated as of June 21, 2007 between Montpelier
               Reinsurance Ltd. (the Pledgor) and The Royal Bank of Scotland plc in
               its capacity as Security Trustee of the Finance Parties (incorporated
               herein by reference to Exhibit 99.2 to the Company's Form 8-K filed
               June 25, 2007).

99.3           Control Agreement dated June 21, 2007, among Montpelier Reinsurance
               Ltd., The Royal Bank of Scotland plc, as Security Trustee for itself
               and the other lending institutions party to the Standby Letter of
               Credit Facility Agreement dated as of June 21, 2007, and The Bank of
               New York, as Custodian (incorporated herein by reference to
               Exhibit 99.3 to the Company's Form 8-K filed June 25, 2007).