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Financial HighlightsMONTPELIER RE HOLDINGS LTD. (NYSE - MRH) 
Trend Analysis--Annual (click here for Quarterly Analysis)

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Balance Sheet ($000)
 2012Y2011Y2012/
2011
Ch (%)
2010Y2011/
2010
Ch (%)
Cash and Investments3,319,4003,057,4008.572,791,7009.52
Total Reinsurance Assets135,700113,40019.66104,2008.83
Total Deferred Policy Acquisition Costs48,40050,900(4.91)45,00013.11
Total Assets3,810,1003,499,5008.883,219,4008.70
Total Policy Reserves1,382,5001,343,0002.941,048,60028.08
Total Debt399,100327,80021.75327,7000.03
Total Liabilities2,180,7001,950,20011.821,590,60022.61
Total Mezzanine Level Items000.0000.00
Common Equity1,479,4001,399,3005.721,628,800(14.09)
Total Equity1,629,4001,549,3005.171,628,800(4.88)
Shares Outstanding (actual)55,269,69060,864,174(9.19)64,557,204(5.72)
Income Statement ($000)
 2012Y2011Y2012/
2011
Ch (%)
2010Y2011/
2010
Ch (%)
Gross Written Premiums735,300725,5001.35720,0000.76
Net Written Premiums615,700624,000(1.33)668,800(6.70)
Net Premiums Earned616,500622,700(1.00)625,400(0.43)
Net Investment Income152,70091,80066.34119,900(23.44)
Realized Gains000.0000.00
Other Income(12,000)(4,700)155.323,100NM
Underwriting & Other Expenses212,800204,0004.31210,800(3.23)
Interest Expense20,40020,600(0.97)24,600(16.26)
Total Policy Expenses286,400612,100(53.21)302,300102.48
Net Income227,600(115,200)NM212,000NM
Changes in Unrealized Gains/(Losses)8002,100(61.90)(3,300)NM
Comprehensive Income228,400(113,100)NM208,700NM
Per Share Items ($)
 2012Y2011Y2012/
2011
Ch (%)
2010Y2011/
2010
Ch (%)
Diluted EPS After Extraordinary3.67(2.01)NM2.97NM
Operating EPS2.58(2.50)NM2.30NM
Book Value26.7722.9916.4325.23(8.88)
Dividends Declared0.43000.40506.170.37009.46
Underwriting Performance Ratios (%)
 2012Y2011Y2012/
2011
Ch (bp)
2010Y2011/
2010
Ch (bp)
GAAP Loss Ratio46.4098.30(5,190)48.305,000
GAAP Expense Ratio34.6032.8018033.70(90)
GAAP Combined Ratio81.00131.10(5,010)82.004,910
Underwriting Analysis ($000)
 2012Y2011Y2012/
2011
Ch (%)
2010Y2011/
2010
Ch (%)
Net Premiums Written615,700624,000(1.33)668,800(6.70)
Balance Sheet Ratios (%)
 2012Y2011Y2012/
2011
Ch (bp)
2010Y2011/
2010
Ch (bp)
Total Equity / Total Assets42.7744.27(151)50.59(632)
Policy Reserves / Equity (x)0.850.87(2) (100bp)0.6422 (100bp)
Debt / Total Cap, at Book19.6717.4622116.7571
Cash & Investments / Assets87.1287.37(25)86.7165
Profitability Ratios (%)
 2012Y2011Y2012/
2011
Ch (bp)
2010Y2011/
2010
Ch (bp)
ROAA5.91(3.35)9266.65(1,000)
ROAE14.00(7.39)2,13912.99(2,039)
Operating ROAA3.92(4.48)8405.14(963)
Operating ROAE9.28(9.91)1,91910.05(1,996)
Investment Yield4.713.141574.43(129)
Operating Margin32.79(13.21)4,60031.44(4,465)

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