Montpelier Re Holdings Ltd. (Montpelier), through its subsidiaries in Bermuda, the United States, the United Kingdom and Switzerland, provides customized reinsurance and insurance solutions to the global market. The Company operates through four operating segments consisting of Montpelier Bermuda, Montpelier Syndicate 5151, MUSIC and Blue Ocean. Each of its operating segments is a separate underwriting platform, through which it writes reinsurance and insurance business. In addition to its operating segments, the activities of the Company, certain of its intermediate holding and service companies and intercompany eliminations relating to inter-segment reinsurance and service charges are collectively referred to as Corporate and Other. The Company acquired all the outstanding share capital of Blue Ocean Re Holdings Ltd. (Blue Ocean) in June 2008 (the Blue Ocean Transaction). Prior to the Blue Ocean Transaction, it owned 42.2% of Blue Ocean’s outstanding common shares.