Montpelier Re Holdings Ltd. (NYSE: MRH), (“Montpelier“ or the “Company“), a leading provider of short-tail reinsurance and other specialty lines, today reported its financial results for the quarter ended March 31, 2014. Fully converted book value per common share increased 5.8% for the quarter, to $31.01, computed after taking into account common share dividends declared. Operating income for the quarter was $72 million, or $1.48 per common share, representing a quarterly return on common equity of 4.8%. Net income was $90 million, or $1.84 per common share. Net income for the quarter included $23 million of realized and unrealized investment gains and $5 million of net foreign exchange losses. Net premiums written in the first quarter were up 5% in comparison to a year ago, primarily as a result of increased writings within our Montpelier at Lloyd’s and Collateralized Reinsurance segments. Earned premiums were down 2% from a year ago. The Company’s loss ratio for the quarter was 18%, which included $35 million of favorable prior year loss reserve movements. The combined ratio was 50% for the quarter. Net investment income was $13 million for the quarter and the total return on the investment portfolio was 1.1%. Christopher Harris, President and Chief Executive Officer, said, “We had an excellent first quarter with underwriting, investments and capital management all contributing to book value per common share growth of 5.8% for the period. Each of our platforms delivered strong profitability as we continue to focus on executing our specialist underwriting approach.” During the first quarter of 2014, the Company repurchased a total of 2,492,685 common shares at an average price of $28.22 per share. During the second quarter of 2014, the Company has thus far repurchased an additional 571,000 shares, at an average price per share of $29.70. As of March 31, 2014, the Company’s shareholders’ equity was $1,657 million, and its total capital was $2,056 million.