X0202 4 2006-03-31 0 0001165880 MONTPELIER RE HOLDINGS LTD MRH 0001181372 GILLESPIE JOHN DAVIES C/O PROSPECTOR PARTNERS LLC 370 CHURCH ST GUILFORD CT 06437 1 0 0 0 Common Shares 2006-03-31 4 A 0 460 0 A 1377 D Common Shares 2006-03-31 4 J 0 6 0 A 1383 D Common Shares 914460 I General Partner/Investment Manager These shares represent additional share units awarded under the Montpelier Re Holdings Ltd. Directors Share Plan in respect of dividend equivalents. The Reporting Person disclaims beneficial ownership of 914,460 shares of the securities reported on this Form except to the extent of his pecuniary interest therein. 598,841 of these shares are owned directly by Prospector Partners Fund, LP (Prospector), 201,338 of these shares are owned directly by Prospector Offshore Fund (Bermuda) Ltd (Prospector Offshore), 54,281 of these shares are owned directly by Prospector Partners Small Cap Fund, LP (Prospector Small Cap) and 60,000 shares are owned directly by the Gillespie Family 2000, LLC. The Reporting Person's interest is as the managing member of the general partner of each of Prospector and Prospector Small Cap, the managing member of the investment manager of Prospector Offshore, and as a co-managing member of the Gillespie Family 2000, LLC /s/ Aline Marie Harris, Attorney-In-Fact 2006-04-04