-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DFy36+SBAUzxPF9/FbrWRLVHqBovbf9mbTPuSyYokPaLeF5X2wHOG8l2SkXKDBOw
 EjdM5SlFUEc9cy/PRA9gVA==

<SEC-DOCUMENT>0001179110-08-010758.txt : 20080528
<SEC-HEADER>0001179110-08-010758.hdr.sgml : 20080528
<ACCEPTANCE-DATETIME>20080528172625
ACCESSION NUMBER:		0001179110-08-010758
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080528
FILED AS OF DATE:		20080528
DATE AS OF CHANGE:		20080528

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Winchester Ian Michael
		CENTRAL INDEX KEY:			0001396972

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31468
		FILM NUMBER:		08864368

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212 517 7504

	MAIL ADDRESS:	
		STREET 1:		350 CENTRAL PARK WEST, APPT.15D
		CITY:			NEW YORK CITY
		STATE:			NY
		ZIP:			10025-6504
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001396972</rptOwnerCik>
            <rptOwnerName>Winchester Ian Michael</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>350 CENTRAL PARK WEST, APT. 15D</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10025-6504</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-28</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-05-28</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.4149</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Restricted Share Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Director Share Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1514</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1514</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The RSUs granted to Mr. Winchester by the Board under our Long-Term Incentive Plan constitute phantom restricted shares which will vest ratably in four equal annual tranches based on continuous service as a director and are payable in the Company's common shares at the end of the RSU term.</footnote>
        <footnote id="F2">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="F3">Director Share Units are payable upon separation from service.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jonathan B. Kim, attorney in fact</signatureName>
        <signatureDate>2008-05-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----