EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

AS OF DECEMBER 31, 2011

FULL NAME OF SUBSIDIARY	PLACE OF INCORPORATION
MONTPELIER REINSURANCE LTD.	BERMUDA
MONTPELIER INVESTMENT HOLDINGS LTD.	BERMUDA
MONTPELIER HOLDINGS LIMITED	UNITED KINGDOM
MONTPELIER RE U.S. HOLDINGS LTD.	DELAWARE
MONTPELIER CAPITAL LIMITED	UNITED KINGDOM

Certain other subsidiaries of the Company have been omitted since, in the aggregate, they would not constitute a significant subsidiary.