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Financial Highlights

MONTPELIER RE HOLDINGS LTD. (NYSE - MRH)

Trend Analysis--Quarterly (click here for Annual Analysis)

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Balance Sheet ($000)
 2009 Q32008 Q3Y-Y
Ch (%)
2009 Q2Q-Q
Ch (%)
Cash and Investments2,720,3002,554,8006.482,597,60018.89
Total Reinsurance Assets139,300205,000(32.05)143,300(11.17)
Total Deferred Policy Acquisition Costs45,00038,80015.9846,700(14.56)
Total Assets3,205,9003,097,8003.493,144,1007.86
Total Policy Reserves1,018,5001,209,200(15.77)1,083,400(23.96)
Total Debt331,700352,500(5.90)331,6000.12
Total Liabilities1,483,7001,684,300(11.91)1,547,100(16.39)
Total Mezzanine Level Items000.0000.00
Common Equity1,722,2001,413,50021.841,597,00031.36
Total Equity1,722,2001,413,50021.841,597,00031.36
Shares Outstanding (actual)85,208,22391,491,059(6.87)86,383,542(5.44)
Income Statement ($000)
 2009 Q32008 Q3Y-Y
Ch (%)
2009 Q2Q-Q
Ch (%)
Gross Written Premiums120,800103,00017.28184,400(137.96)
Net Written Premiums106,30091,70015.92183,900(168.79)
Net Premiums Earned143,600134,2007.00141,4006.22
Net Investment Income107,300(58,700)NM109,800(9.11)
Realized Gains000.0000.00
Other Income300(10,500)NM1,500(320.00)
Underwriting & Other Expenses53,60039,70035.0153,700(0.74)
Interest Expense6,6006,4003.126,700(5.97)
Total Policy Expenses41,500161,100(74.24)33,30098.50
Net Income147,500(142,200)NM159,000(28.93)
Changes in Unrealized Gains/(Losses)(300)200NM3,500NM
Comprehensive Income147,200(142,000)NM162,500(37.66)
Per Share Items ($)
 2009 Q32008 Q3Y-Y
Ch (%)
2009 Q2Q-Q
Ch (%)
Diluted EPS After Extraordinary1.68(1.69)NM1.81(28.73)
Operating EPS0.71(0.65)NM0.78(35.90)
Book Value19.7816.6119.0818.1236.64
Dividends Declared0.07500.07500.000.07500.00
Underwriting Performance Ratios (%)
 2009 Q32008 Q3Y-Y
Ch (bp)
2009 Q2Q-Q
Ch (bp)
GAAP Loss Ratio29.00119.90(9,090)23.60540
GAAP Expense Ratio37.3029.7076037.90(60)
GAAP Combined Ratio66.30149.60(8,330)61.50480
Underwriting Analysis ($000)
 2009 Q32008 Q3Y-Y
Ch (%)
2009 Q2Q-Q
Ch (%)
Net Premiums Written106,30091,70015.92183,900(168.79)
Balance Sheet Ratios (%)
 2009 Q32008 Q3Y-Y
Ch (bp)
2009 Q2Q-Q
Ch (bp)
Total Equity / Total Assets53.7245.6380950.79293
Policy Reserves / Equity (x)0.590.86(26) (100bp)0.68(9) (100bp)
Debt / Total Cap, at Book16.1519.96(381)17.19(104)
Cash & Investments / Assets84.8582.4723882.62223
Profitability Ratios (%)
 2009 Q32008 Q3Y-Y
Ch (bp)
2009 Q2Q-Q
Ch (bp)
ROAA18.58(17.87)3,64520.84(226)
ROAE35.55(38.11)7,36641.92(637)
Operating ROAA7.67(6.86)1,4538.81(114)
Operating ROAE14.68(14.63)2,93117.72(304)
Investment Yield16.14(9.14)2,52817.40(126)
Operating Margin62.14(208.92)27,10665.57(343)
   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.



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