2.2.0.25falsefalse1020 - Disclosure - Loss and LAE Reservestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $D2011Q1http://www.sec.gov/CIK0001165880duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDPerShareDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0mrh_LossAndLaeReservesDisclosureAbstractmrhfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseLoss and LAE Reserves3false0us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <div style="BORDER-BOTTOM: white 1pt solid; BORDER-LEFT: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: white 1pt solid; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in"> <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">NOTE 2.  Loss and LAE Reserves <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">The following table summarizes Montpeliers loss and LAE reserve activities for the three months ended March 31, 2011 and 2010:</div>   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 24.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="24%" colspan="5"> Three Months Ended</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 24.5%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="24%" colspan="5"> March 31,</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 2011</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 2010</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Gross unpaid loss and LAE reserves - beginning</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 9.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="9%"> 784.6</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 9.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="9%"> 680.8</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Reinsurance recoverable on unpaid losses - beginning</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> (62.4</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%"> )</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> (69.6</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Net unpaid loss and LAE reserves - beginning</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> 722.2</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> 611.2</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Losses and LAE incurred:</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Current year losses</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 282.0</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 168.3</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Prior year losses</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (33.6</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%"> )</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (24.1</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Total incurred losses and LAE incurred</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 248.4</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 144.2</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Net impact of foreign currency movements</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 6.1</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> (5.9</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Losses and LAE paid and approved for payment:</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Current year losses</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (2.7</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%"> )</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (1.0</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Prior year losses</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> (51.8</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%"> )</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> (36.9</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Total losses and LAE paid and approved for payment</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (54.5</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%"> )</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> (37.9</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> )</td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="72%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="top" width="72%"> Net unpaid loss and LAE reserves - ending</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> 922.2</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="11%" colspan="2"> 711.6</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="72%"> Reinsurance recoverable on unpaid losses - ending</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 68.7</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 11%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" valign="bottom" width="11%" colspan="2"> 67.8</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom" width="1%">  </td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="72%"> Gross unpaid loss and LAE reserves - ending</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 9.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="9%"> 990.9</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="2%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 9.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="9%"> 779.4</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr></table>   Loss and LAE reserves are comprised of case reserves (which are based on claims that have been reported) and IBNR reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and may include a provision for expected future development on existing case reserves). Case reserve estimates are initially set on the basis of loss reports received from third parties.  IBNR reserves are estimated by management using various actuarial methods as well as a combination of Montpeliers own loss experience, historical insurance industry loss experience and managements professional judgment. Montpeliers internal actuaries review the reserving assumptions and methodologies on a quarterly basis and its loss estimates are subject to an annual corroborative review by independent actuaries using generally accepted actuarial principles.   Prior Year Loss and LAE Development three months ended March 31, 2011   During the first quarter of 2011, Montpelier experienced $33.6 million in net favorable development on prior year loss and LAE reserves.   Reserves for non-catastrophe property losses initially include significant IBNR as a result of timing lags inherent in the reporting process.  Non-catastrophe property claims reported to Montpelier through March 31, 2011 indicated that the IBNR recorded during 2010 exceeded the extent of losses that actually occurred, and consequently Montpelier released $9.3 million of such reserves during the first three months of 2011. Montpelier also released a further $3.5 million of non-catastrophe property IBNR during the first quarter of 2011 which was originally recorded during 2009.   <div style="BORDER-BOTTOM: white 1pt solid; BORDER-LEFT: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: white 1pt solid; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in"> <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">Additional favorable development recognized during the first quarter of 2011 include the following: <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          2010 Australian floods ($3.7 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          Casualty reserves, primarily related to 2007 and prior years ($2.5 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          Net foreign exchange transaction gains ($1.6 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          2004 hurricanes ($1.1 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          2005 hurricanes ($1.0 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                                          A non-catastrophe property loss that occurred during 2008 ($1.0 million reserve decrease). <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">The remaining net favorable development on prior year loss and LAE reserves related to several smaller adjustments made across multiple classes of business. <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">In addition to the $1.6 million of net foreign exchange transaction gains described above, Montpelier also recognized $6.1 million in net foreign exchange translation losses related to its loss and LAE reserves during the first quarter of 2011.  Montpeliers foreign currency transaction gains (losses) are incorporated in its underwriting results as a decrease (increase) in losses incurred.  Foreign currency translation gains and losses, which are a component of comprehensive income (loss), do not impact Montpeliers underwriting results. <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">Prior Year Loss and LAE Development three months ended March 31, 2010 <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">During the first quarter of 2010, Montpelier experienced $24.1 million in net favorable development on prior year loss and LAE reserves relating primarily to the following: <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"> </div> <div style="BORDER-BOTTOM: white 1pt solid; BORDER-LEFT: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; MARGIN-LEFT: 10.95pt; BORDER-TOP: white 1pt solid; MARGIN-RIGHT: 0in; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in"> <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           Non-casualty reserves associated with the Property and Specialty Individual Risk line of business ($7.2 million reserve decrease). This decrease related to several loss events, <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           Net foreign exchange transaction losses ($2.8 million reserve increase), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           Casualty reserves ($2.7 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           2007 European Windstorm Kyrill and U.K. floods ($1.5 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           2008 European Windstorm Emma ($1.2 million reserve decrease), <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">·                           2009 European Windstorm Klaus ($1.1 million reserve decrease). <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -25.05pt; MARGIN: 0in 0in 0pt 25.05pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"> </div> <div style="BORDER-BOTTOM: white 1pt solid; BORDER-LEFT: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: white 1pt solid; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in"> <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">The remaining favorable development on prior year loss and LAE reserves related to several smaller adjustments made across multiple classes of business. <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">In addition to the $2.8 million of net foreign exchange transaction losses described above, Montpelier also recognized $5.9 million in net foreign exchange translation gains related to its loss and LAE reserves during the first quarter of 2010. <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">  <p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 10.95pt; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">Montpeliers reserving process is highly dependent on loss information received from its cedants. With respect to prior year loss development reported during the 2011 and 2010 periods, information and experience obtained since the last reporting date included changes in loss amounts reported by ceding companies, IBNR recorded as a result of these loss advices and other information and events.</div></td></tr></table> NOTE 2.  Loss and LAE Reserves   The following table summarizes Montpeliers loss and LAE reserve activities for the three months ended MarchfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescribes the various components of the reserve for future policy benefits and guaranteed minimum benefits, and for claims and claims adjustment expenses; the significant assumptions for estimating claims losses; causes of significant variances from prior periods (such as catastrophes, asbestos and environmental claims reserve losses); and reconciliations of beginning to ending reserve balances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-5 -Paragraph 11 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 60 -Paragraph 60 falsefalseLoss and LAE Reserves12Loss and LAE ReservesUnKnownUnKnownUnKnownUnKnownfalsetrue