**Exhibit 4.1**

|  | THIS CERTIFIES  THAT is the owner of CUSIP DATED COUNTERSIGNED AND REGISTERED: COMPUTERSHARE  TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, FULLY PAID AND NON- ASSESSABLE  COMMON SHARES, PAR VALUE US 1/6 CENT PER SHARE, OF Montpelier Re Holdings  Ltd. transferable on the books of the Company by the holder hereof in person  or by duly authorized attorney upon surrender of this certificate properly  endorsed. This certificate and the shares represented hereby are issued and  shall be held subject to all the provisions of the Memorandum of Association  and Bye-Laws of the Company, copies of which are on file with the Transfer  Agent, to all of which the holder by acceptance hereof assents. This  certificate is not valid unless countersigned and registered by the Transfer  Agent and Registrar. Witness the seal of the Company and the signatures of  its duly authorized officers. COMMON STOCK PAR VALUE US 1/6 CENT COMMON STOCK  THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA AND JERSEY CITY, NJ SEE  REVERSE FOR CERTAIN DEFINITIONS Certificate Number Shares MONTPELIER RE  HOLDINGS LTD. INCORPORATED UNDER THE LAWS OF BERMUDA President and Chief  Executive Officer General Counsel and Secretary By AUTHORIZED SIGNATURE  016570 003590 127C RESTRICTED 4 057-423 G62185 10 6 <<Month Day,  Year>> * * 600620 * * * * * * * * * 600620 * * * * * * * * * 600620 * *  * * * * * * * 600620 * * * * * * * * * 600620 * * * * Mr. Alexander David  Sample * * * * Mr. Alexander David Sample * * * * Mr. Alexander David Sample *  * * * Mr. Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr. Alexander  David Sample * * * * Mr. Alexander David Sample * * * * Mr. Alexander David  Sample * * * * Mr. Alexander David Sample * * * * Mr. Alexander David Sample *  * * * Mr. Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr.  Alexander David Sample * * * * Mr. Alexander David Sample * * * * Mr. Sample *  * * * Mr. Sample * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 6 00620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 60 0620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600 620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * 600620 * * Shares * * * * 600620 *  * Shares * * * * 60062 0 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Shares * * * * 600620  * * Shares * * * * 600620 * * Shares * * * * 600620 * * Sh * * * SIX HUNDRED  THOUSAND SIX HUNDRED AND TWENTY * * * MR. SAMPLE & MRS. SAMPLE & MR.  SAMPLE & MRS. SAMPLE NNNNN ZQ 000000 Certificate Numbers  1234567890/1234567890 1234567890/1234567890 1234567890/1234567890  1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total  Transaction Num /No. 123456 Denom. 123456 Total 1234567 MR A SAMPLE  DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 PO BOX 43004, Providence, RI  02940-3004 CUSIP XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value  1,000,000.00 Number of Shares 123456 DTC 12345678 12 3456789012345 |
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

|  | The following  abbreviations, when used in the inscription on the face of this certificate,  shall be construed as though they were written out in full according to  applicable laws or regulations: TEN COM - as tenants in common UNIF GIFT MIN  ACT-Custodian TEN ENT - as tenants by the entireties under Uniform Gifts to  Minors Act JT TEN - as joint tenants with right of survivorship UNIF TRF MIN  ACT Custodian (until age) and not as tenants in common (Cust) (Minor) under  Uniform Transfers to Minors Act (State) Additional abbreviations may also be  used though not in the above list. For value received, hereby sell, assign  and transfer unto shares Attorney Dated: 20 Signature: Signature: Notice: The  signature to this assignment must correspond with the name as written upon  the face of the certificate, in every particular, without alteration or  enlargement, or any change whatever. (Cust) (Minor) (State) PLEASE INSERT  SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR  TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)  represented by the within Certificate, and do hereby irrevocably constitute  and appoint to transfer the said shares on the books of the within named  Company with full power of substitution in the premises. MONTPELIER RE HOLDINGS  LTD. Signature(s) Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S)  SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks,  Stockbrokers, Savings and Loan Associations and Credit Unions) WITH  MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO  S.E.C. RULE 17Ad-15. |
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