Montpelier Re Holdings (MRH) is a Bermuda-based U.S. catastrophe property insurer. While it has some additional lines, it is pretty dependent on the catastrophe market which makes up some 70% of 2012 premiums. About half of its risk is directly out of the United States although it is diversified, a bit, across risk lines and regional perils. We are taking a look at this reinsurer due to the following reasons:
- A concentrated catastrophe reinsurer
- Price to tangible book of 0.96
- PE of 6.9
- Has had a cumulative redundancy with reserves since inception
- Montpelier has a healthy set of ratings: "Montpelier Re is currently rated "A" by A.M. Best (Excellent, with a stable outlook), "A-" by Standard & Poor's
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