**Exhibit 31.1**
**CERTIFICATION**
I, Anthony Taylor, President and Chief Executive Officer of Montpelier Re Holdings Ltd., certifythat:
     1. I have reviewed this annual report on Form 10-K of Montpelier Re Holdings Ltd.;
     2. Based on my knowledge, this annual report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to the periodcovered by this annual report;
     3. Based on my knowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this annualreport;
     4. The registrant’s other certifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:
     a) Designed such disclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that material information relating tothe registrant, including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this annual report is being prepared;
     (b) Designed such internal control over financial reporting, or caused such internal controlover financial reporting to be designed under our supervision, to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;
     c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures andpresented in this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures as of the end of the period covered by this annual report based on suchevaluation; and
     d) Disclosed in this report any change in the registrant’s internal control over financialreporting that occurred during the registrant’s most recent fiscal year that has materiallyaffected, or is reasonably likely to materially affect, the registrant’s internal control overfinancial reporting.
     5. The registrant’s other certifying officers and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to the registrant’s auditors and the auditcommittee of the registrant’s board of directors (or persons performing the equivalent functions):
     a) All significant deficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likely to adversely affect theregistrant’s ability to record, process, summarize and report financial information; and
     b) Any fraud, whether or not material, that involves management or other employees who havea significant role in the registrant’s internal control over financial reporting.      By: /s/ ANTHONY TAYLOR      Name: Anthony Taylor   Title Chairman, President and Chief Executive             Officer (principal executive officer)
     Date:March 4, 2005
 

 

**Exhibit 31.1**
**CERTIFICATION**
I, Kernan Oberting, Chief Financial Officer of Montpelier Re Holdings Ltd., certify that:
     1. I have reviewed this annual report on Form 10-K of Montpelier Re Holdings Ltd.;
     2. Based on my knowledge, this annual report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to the periodcovered by this annual report;
     3. Based on my knowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this annualreport;
     4. The registrant’s other certifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:
     a) Designed such disclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that material information relating tothe registrant, including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this annual report is being prepared;
     (b) Designed such internal control over financial reporting, or caused such internal controlover financial reporting to be designed under our supervision, to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;
     c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures andpresented in this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures as of the end of the period covered by this annual report based on suchevaluation; and
     d) Disclosed in this report any change in the registrant’s internal control over financialreporting that occurred during the registrant’s most recent fiscal year that has materiallyaffected, or is reasonably likely to materially affect, the registrant’s internal control overfinancial reporting.
     5. The registrant’s other certifying officers and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to the registrant’s auditors and the auditcommittee of the registrant’s board of directors (or persons performing the equivalent functions):
     a) All significant deficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likely to adversely affect theregistrant’s ability to record, process, summarize and report financial information; and
     b) Any fraud, whether or not material, that involves management or other employees who havea significant role in the registrant’s internal control over financial reporting.      By: /s/ KERNAN V. OBERTING      Name: Kernan V. Oberting   Title: Chief Financial Officer             (principal financial officer)
     Date:March 4, 2005