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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 yWmKNmo6BN6ShwU+gq8kJA==

<SEC-DOCUMENT>0001179110-08-017464.txt : 20080930
<SEC-HEADER>0001179110-08-017464.hdr.sgml : 20080930
<ACCEPTANCE-DATETIME>20080930180810
ACCESSION NUMBER:		0001179110-08-017464
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20080930
DATE AS OF CHANGE:		20080930

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FULKERSON ALLAN W
		CENTRAL INDEX KEY:			0001043316

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31468
		FILM NUMBER:		081098175

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		6034762218

	MAIL ADDRESS:	
		STREET 1:		RED HILL CAPITAL
		STREET 2:		954 WHITTIER HIGHWAY
		CITY:			MOULTONBOROUGH
		STATE:			NH
		ZIP:			03254

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MONTPELIER RE HOLDINGS LTD
		CENTRAL INDEX KEY:			0001165880
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980428969
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		MONTPELIER HOUSE
		STREET 2:		94 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		441 296 5550

	MAIL ADDRESS:	
		STREET 1:		MONTPELIER HOUSE
		STREET 2:		94 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-09-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001165880</issuerCik>
        <issuerName>MONTPELIER RE HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>MRH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001043316</rptOwnerCik>
            <rptOwnerName>FULKERSON ALLAN W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>RED HILL CAPITAL</rptOwnerStreet1>
            <rptOwnerStreet2>954 WHITTIER HIGHWAY</rptOwnerStreet2>
            <rptOwnerCity>MOULTONBOROUGH</rptOwnerCity>
            <rptOwnerState>NH</rptOwnerState>
            <rptOwnerZipCode>03254</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1580</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Restricted Share Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Director Share Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-09-30</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-09-30</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>481</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.507</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>481</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5878</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Director Share Units are phantom shares that are convertible into common shares on a one-to-one basis or an equivalent amount of cash, at the option of the Reporting Person.</footnote>
        <footnote id="F2">On September 30, 2008, the Reporting Person's Director Share Unit account was credited with a $7,500 deferred quarterly board retainer and an amount of Director Share Units equal in value to the ordinary dividend earned on the underlying common shares.</footnote>
        <footnote id="F3">Director Share Units are payable upon separation from service.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jonathan B. Kim, attorney in fact</signatureName>
        <signatureDate>2008-09-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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