Prospectus excerpt:  Montpelier Re Holdings Ltd. is offering 6,000,000 shares of its 8.875% Non-Cumulative Preferred Shares, Series A, $25 liquidation preference per share (the "Preferred Shares"). We will pay dividends on the Preferred Shares when, as and if declared by our board or directors of a duly authorized committee thereof. Any such dividends will be payable from the date of original issuance on a non-cumulative basis, quarterly in arrears beginning on July 15, 2011. See "Description of Preferred Shares?Dividends." So long as any Preferred Shares remain outstanding, no dividend shall be paid or declared on our common shares or any of our other securities ranking junior to the Preferred Shares (other than a dividend payable solely in common shares or in other junior securities), unless the full dividend for the latest completed dividend period on all outstanding Preferred Shares has been declared and paid or provided for. We are not allowed to redeem the Preferred Shares before May 10, 2016, except in specified circumstances relating to certain tax or corporate events. See "Description of Preferred Shares?Redemption" and "?Tax Redemption." On and after May 10, 2016, we may, at our option, in whole or in part, redeem the Preferred Shares by paying you $25.00 per Preferred Share, plus any declared and unpaid dividends. Our ability to redeem the Preferred Shares is subject to certain restrictions described under "Description of Preferred Shares?Redemption."