On June 8, 2007, Montpelier Reinsurance Ltd., various financial institutions and Bank of America, N.A., as Administrative Agent entered into a Credit Agreement (the "Agreement").The Facility provided Montpelier Reinsurance with a secured $250 million standby letter of credit.

On November 10, 2008, the parties amended the Agreement to terminate the $35 million Commitment of Lehman Bros. Bank FSB ("Lehman Bank") without reducing the Commitments of the other Lenders (the "Amendment"). Upon effectiveness of the Amendment, the percentages of the remaining Lenders will be revised to reflect their pro rata share of a $215 Million facility and the remaining Lenders will become liable for such percentages under all of the Letters of Credit outstanding on the date the Amendment becomes effective. To the extent that Several Letters of Credit have been issued, Bank of America will amend such Letters of Credit to delete Lehman Bank as an issuer and revise the percentages of the remaining Lenders (which amendments do not require the consent of the beneficiaries). Should a draw be made under a Several Letter of Credit prior to the amendments being issued, if necessary, the remaining Lenders will be required to pay in accordance with the revised percentages.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment A copy of the Amendment is filed as Exhibit 99.1 to this Current Report on Form 8-K.

(d) Exhibits.

Exhibit No.                            Description of Exhibit
99.1           First Amendment Agreement to the Credit Agreement dated as of
               October 31, 2008, which became effective November 10, 2008, among
               Montpelier Reinsurance Ltd., various financial institutions and Bank of
               America, N.A. as Administrative Agent.