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Exhibit 99.1
MONTPELIER RE HOLDINGS LTD.
CONSOLIDATED BALANCE SHEETS
(millions, except share and per share amounts)
<Table>
<Caption>
September 30, December 31,
2003 2002
------------ ------------
Assets
Investments and cash:
Fixed maturities, at fair value $ 1,900.6 $ 1,354.8
Equities (quoted), at fair value 26.9 -
Equities (unquoted), at estimated fair value 63.7 63.7
Cash and cash equivalents, at fair value 227.5 162.9
---------- ----------
Total investments and cash 2,218.7 1,581.4
Unearned premium ceded 26.8 3.8
Reinsurance premiums receivable 260.0 147.2
Funds withheld by cedents 3.8 20.5
Deferred acquisition costs 72.0 44.9
Reinsurance recoverable 7.6 16.6
Accrued investment income 14.3 13.1
Other assets 3.0 6.4
---------- ----------
Total Assets $ 2,606.2 $ 1,833.9
========== ==========
Liabilities
Loss and loss adjustment expense reserves $ 220.3 $ 146.1
Unearned premium 411.8 241.0
Reinsurance balances payable 25.5 2.5
Investment trades pending 113.4 34.3
Senior notes 248.8 -
Long-term debt - 150.0
Accounts payable, accrued expenses and
other liabilities 17.1 7.5
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Total Liabilities 1,036.9 581.4
---------- ----------
Shareholders' equity
Common voting shares and Additional
paid-in capital 1,129.6 1,126.5
Accumulated other comprehensive income 42.0 35.6
Retained earnings 397.7 90.4
---------- ----------
Total Shareholders' Equity 1,569.3 1,252.5
---------- ----------
Total Liabilities and Shareholders'
Equity $ 2,606.2 $ 1,833.9
========== ==========
Common voting shares outstanding (000's) 63,393sh 63,393sh
Common voting and common equivalent
shares outstanding (000's) 73,262 73,262
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<Table>
Book value per share:
Basic book value per common voting share $ 24.76 $ 19.76
========== ==========
Fully converted book value per common
voting and common equivalent share $ 23.72 $ 19.39
========== ==========
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MONTPELIER RE HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(millions, except per share amounts)
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<Caption>
Three Three Nine Nine
Months to Months to Months to Months to
September 30, September 30, September 30, September 30,
2003 2002 2003 2002
------------- ------------- ------------- -------------
Revenues:
Gross premiums
written $ 145.9 $ 193.7 $ 706.6 $ 533.8
Reinsurance
premiums ceded 1.8 (20.9) (39.9) (39.7)
------- ------- ------- -------
Net premiums
written 147.7 172.8 666.7 494.1
Change in net
unearned
premiums 15.2 (66.4) (144.7) (269.5)
------- ------- ------- -------
Net premiums
earned 162.9 106.4 522.0 224.6
Net investment
income 12.3 12.3 35.7 30.5
Net realized
investment
gains (losses)
on investments (3.0) 4.0 6.3 5.5
Net foreign
exchange
gains 2.1 0.3 1.9 1.0
------- ------- ------- -------
Total
revenues 174.3 123.0 565.9 261.6
Expenses:
Loss and loss
adjustment
expenses 35.1 69.0 112.9 122.4
Acquisition
costs 32.3 20.4 107.2 41.6
General and
administrative
expenses 12.8 5.8 32.9 15.9
Interest
expense 3.0 1.2 5.5 3.3
------- ------- ------- -------
Total
expenses 83.2 96.4 258.5 183.2
Income before
taxes 91.1 26.6 307.4 78.4
Income tax
expense 0.1 - 0.1 -
------- ------- ------- -------
Net income $ 91.0 $ 26.6 $ 307.3 $ 78.4
------- ------- ------- -------
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<Table>
Other
comprehensive
income items 3.1 15.5 6.5 25.4
------- ------- ------- -------
Comprehensive
income $ 94.1 $ 42.1 $ 313.8 $ 103.8
======= ======= ======= =======
Earnings per
share:
Basic earnings
per share $ 1.44 $ 0.51 $ 4.85 $ 1.49
Diluted earnings
per share $ 1.34 $ 0.50 $ 4.58 $ 1.49
Basic
comprehensive
net income per
share $ 1.48 $ 0.80 $ 4.95 $ 1.98
Diluted
comprehensive
net income per
share $ 1.39 $ 0.79 $ 4.67 $ 1.98
Insurance
ratios:
Loss ratio 21.5% 64.8% 21.6% 54.5%
Expense ratio 27.7% 24.7% 26.8% 25.6%
Combined ratio 49.2% 89.5% 48.4% 80.1%
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MONTPELIER RE HOLDINGS LTD.
FULLY CONVERTED BOOK VALUE PER COMMON
VOTING AND COMMON EQUIVALENT SHARE
(millions, except share and per share amounts)
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<Caption>
September 30, December 31,
2003 2002
------------ ------------
Numerator (in millions):
shareholders' equity $ 1,569.3 $ 1,252.5
proceeds from assumed exercise
of outstanding warrants 122.0 122.0
proceeds from assumed exercise
of outstanding options 46.1 46.1
------------ ------------
Book value numerator $ 1,737.4 $ 1,420.6
============ ============
Denominator (in shares):
common voting shares outstanding 63,392,600sh 63,392,600sh
shares issuable upon exercise
of outstanding warrants 7,319,160sh 7,319,160sh
shares issuable upon exercise
of outstanding options 2,550,000sh 2,550,000sh
------------ ------------
Book value denominator 73,261,760sh 73,261,760sh
============ ============
Fully converted book value per
common voting and common
equivalent share $ 23.72 $ 19.39
============ ============
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MONTPELIER RE HOLDINGS LTD.
DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(millions, except share and per share amounts)
<Table>
<Caption>
Three Months Three Months
Ended Ended
September 30, September 30,
2003 2002
------------- -------------
Basic earnings per common share:
Net income available to common
shareholders $ 91.0 $ 26.6
Weighted average common shares
outstanding - Basic 63,392,600sh 52,440,000sh
------------- -------------
Basic earnings per common share $ 1.44 $ 0.51
============= =============
Diluted earnings per common and common
equivalent share:
Net income available to common
shareholders $ 91.0 $ 26.6
Weighted average common shares
outstanding - Basic 63,392,600sh 52,440,000sh
Dilutive effect of warrants 3,450,357sh 623,864sh
Dilutive effect of share options 936,292sh 65,529sh
------------- -------------
Weighted average common and common
equivalent shares outstanding
- Diluted 67,779,249sh 53,129,393sh
------------- -------------
Diluted earnings per common and
common equivalent share $ 1.34 $ 0.50
============= =============
<Caption>
Nine Months Nine Months
Ended Ended
September 30, September 30,
2003 2002
------------- -------------
Basic Earnings per common share:
Net income available to common
shareholders $ 307.3 $ 78.4
Weighted average common shares
outstanding - Basic 63,392,600sh 52,440,000sh
------------- -------------
Basic earnings per common share $ 4.85 $ 1.49
============= =============
Diluted earnings per common share and
common equivalent share:
Net income available to common
shareholders $ 307.3 $ 78.4
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Weighted average common shares
outstanding - Basic 63,392,600sh 52,440,000sh
Dilutive effect of warrants 3,021,557sh 78,500sh
Dilutive effect of share options 718,077sh 5,470sh
------------- -------------
Weighted average common and common
equivalent shares outstanding
- Diluted 67,132,234sh 52,523,970sh
------------- -------------
Diluted earnings per common and
common equivalent share $ 4.58 $ 1.49
============= =============
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