Corporate Webpages Montpelier RE Holdings Ltd.
In a recent program, Cramer observed that the recent stock
market rally is like no other in his memory. He saw what
appeared to be a rotation through all different industry groups
"taking turns" leading the broad averages higher. Financials
and insurance would be followed by consumer discretionary, or
consumer staples, or energy, or health care, or industrials, or
commodites and basic materials, or telecommunications, or even
utilities. Insurance companies shot up quite a while back, and
now it might be their turn again in the next round of cyclic buying.
It all has to do with money parked on the sidelines by funds and
institutions who missed the turn.
Montpelier Insurance is based in Bermuda, but has sufficient
U.S. interests that it meets SEC reporting requirements. That
is why we like it, unlike most other foreign-based stocks.
Corporate governnance looks good, executive salaries are modest,
and the fundamentals look very good. It is below book value,
has a low p/e, and numerous other factors to make its financials
look attractive.
The industry group is very competitive. Montpelier has taken
some recent hits, such as from the California wild fires where
it had a lot of property reinsurance interests. Montpelier has
a significant interest holder, White Mountains Insurance Group (WTM)
which has deep pockets. White Mountains has a 10% interest
in the company and wants to purchase 7 million shares of common
stock. It has influence on the Board. Montpelier suffered from huge claims
from Atlantic hurricanes in 2005, but the company has been known
to have a high risk-tolerance in its underwriting resulting in
large fluctuations between earnings and losses from year to
year, but with overall results being very positive.
It is mainly the fundamentals of this company that make it
attractive, and the risk factors are of course, a negative.
somehow, despite the fluctuating earnings, the company continues
to grow and finance new lines of insurance in areas like
commercial shipping, earthquakes, and sabotage.
We think the stock charts can be a bit misleading, as the stock
will look very benign at some intervals, and then take off like
a shot during acquisition phases through industry group
rotations of the general market.
11-17-2009: Montpelier RE Holdings Ltd. (MRH): Not As Boring As It Might First Seem
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Stock Report
Management's Discussion
Moving Average Chart
Channel Potential
Intraday Chart
Stock Fetcher
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Montpelier Re Holdings Ltd. (MRH ) Sector: Financial
Montpelier House Industry: Property & Casualty Insurance
94 Pitts Bay Road Exchange: NYSE
Pembroke, Bermuda
Montpelier Re Holdings Ltd., through its subsidiaries, provides
reinsurance and insurance solutions. The company underwrites various
insurance and reinsurance products, including property catastrophe
reinsurance, which provides coverage for losses from earthquakes,
hurricanes, floods, tornados, fires, and storms; and property
specialty reinsurance and insurance contracts comprising risk
excess-of-loss, property pro-rata, and facultative reinsurance
products, as well as direct and facultative reinsurance products. It
also underwrites specialty reinsurance products for providing
coverage for aviation liability, aviation war, marine, personal
accident catastrophe, worker-Ęs compensation, and terrorism, and
other casualty and property reinsurance products. Montpelier Re
Holdings Ltd. has operations in Bermuda, the United States, the
United Kingdom, and Switzerland. The company was founded in 2001 and
is headquartered in Pembroke, Bermuda.
Last Trade: 16.97 52-Week Range: 17.64 - 10.13
Trade Date: 11-15 Avg. Volume: 557,045 Shares
Index Membership: N/A Employees: 169
Corporate Governance:
EPS: 3.57 Dividend Amount: $ 0.36 Yield: 2.10%
Ex-Dividend Date: 29-Dec-10 Mkt Cap: $ 1,420,000K
Payout Ratio: 9.00%
Last Split Factor (new for old): N/A Split Date: N/A
Key Statistics:
Enterprise Value: $ 1,380,000K Revenue (ttm) : $ 693,800K
Gross Profit: $ 364,300K
Earnings before Income Tax, Depreciation and Amortization: $ 336,500K
Enterprise Value/Revenue (ttm): 1.99 Revenue per Share: $ 8.12
Enterprise Value/EBITDA (ttm): 4.11 Qtrly Rev Growth (y to y):215.70%
P/E Ratio (fwd projected): 7.31 P/E Ratio (current): 4.76
P/E Growth Ratio (5 yr expected): 0.76 Operating Margin: 47.19%
Price/Sales Ratio: 2.04 Profit Margin: 44.84%
Price/Book Value: 0.84 Book Value: $ 20.21/sh.
Return on Assets: 6.49% Net Income Avl to Common: $ 304,600K
Return on Equity: 19.84% Diluted Earnings/Share: $ 3.57
Qrtly Earnings Growth (yoy): 0.00%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 370,500K Operating Cash Flow:$ 124,900K
Total Debt: $ 331,700K Lvgd Free Cash Flow:$ 1,910,000K
Total Debt/Equity: 0.00
Total Cash/Share: $ 4.42
Current Ratio: 2.00
Share Statistics: Stock Price History:
Shares Outstanding: 83,750K Stk 52-Week Change: 26.08%
Float: 75,380K S&P 500 52-Wk Chng: 25.21%
Sh. Short % of Float: 3.40% 50-Day Moving Avg: 16.75
Short Ratio: 5.70 200-Day Moving Avg: 15.07
% Held by Institutions: 97.90% Beta: 0.83
% Held by Insiders: 10.24%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec-09 Mar-10 Dec-09 Dec-10
Average Earnings Estimate 0.66 0.63 2.61 2.32
Average Revenue Estimate 150M 0M 598M 0M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.023 EPS Growth (Qrtly YoY): 0.000
PEG Ratio (ttm, 5 yr expected): 0.073 P/E Ratio (ttm): 0.101
Revenue Growth (Qrtly YoY): 0.720
Annual Income Statements: All numbers in thousands)
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Total Revenue 364,300 724,000 735,707
Cost of Revenue 0 0 0
Gross Profit 364,300 724,000 735,707
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 481,000 341,700 365,240
Non-Recurring Expenses 0 0 0
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss -116,700 382,300 370,467
Income from Continuing Operations:
Total Other Income/Expenses Net -2,600 0 0
Earnings Before Interest & Taxes -119,300 382,300 370,467
Interest Expense 24,200 34,500 28,235
Income Before Taxes -143,500 347,800 342,232
Income Tax Expense 1,100 100 56
Minority Interest -1,900 -31,900 -39,316
Net Income from Continuing Op.s -146,500 315,800 302,860
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 1,000 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income -145,500 315,800 302,860
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares -145,500 315,800 302,860
Quarterly Income Statements: All numbers in thousands)
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Total Revenue 83,800 420,100 156,600 45,400
Cost of Revenue 0 0 0 0
Gross Profit 0 420,100 156,600 45,400
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 95,100 110,900 74,900 85,500
Non-Recurring Expenses 0 -23,900 23,900 0
Other Operating Expenses 0 167,400 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 136,300 165,700 57,800 -40,100
Income from Continuing Operations:
Total Other Income/Expenses Net 0 0 0 -600
Earnings Before Int. & Taxes 156,100 165,700 57,800 -40,700
Interest Expense 6,600 6,700 6,500 6,000
Income Before Taxes 149,500 159,000 51,300 -46,700
Income Tax Expense 2,000 0 -1,000 1,000
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 147,500 159,000 52,300 -47,700
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 147,500 159,000 52,300 -47,700
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 147,500 159,000 52,300 -47,700
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 268,000 488,700 348,605
Short Term Investments 0 0 0
Net Receivables 348,600 350,900 421,253
Inventory 0 0 0
Other Current Assets 0 0 0
Total Current Assets 0 0 0
Long-Term Investments 2,112,600 2,626,800 3,076,111
Property, Plant & Equipt 0 0 0
Goodwill 0 0 0
Intangible Assets 0 0 0
Accumulated Amortization 0 0 0
Other Assets 40,000 31,100 22,490
Deferred Long Term Asset Charges 28,400 27,700 30,297
Total Assets 2,797,600 3,525,200 3,898,756
Current Liabilities:
Accounts Payable 90,300 284,100 431,764
Short/Current Long Term Debt 0 0 0
Other Current Liabilities 0 0 0
Total Current Liabilities 0 0 0
Long Term Debt 352,500 427,400 427,298
Other Liabilities 997,200 1,071,900 1,308,401
Deferred LT Liability Charges 0 0 0
Minority Interest 0 88,700 238,378
Negative Goodwill 0 0 0
Total Liabilities 1,440,000 1,872,100 2,405,841
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 200 200 186
Retained Earnings -214,600 -43,600 -376,046
Treasury Stock -23,800 0 0
Capital Surplus 1,599,000 1,694,300 1,819,220
Other Stockholder Equity -3,200 2,200 49,555
Total Stockholder Equity 1,357,600 1,653,100 1,492,915
Net Tangible Assets 1,357,600 1,653,100 1,492,915
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Current Assets:
Cash & Cash Equivalents 250,000 243,800 284,300 268,000
Short Term Investments 0 0 0 0
Net Receivables 344,700 430,500 402,800 348,600
Inventory 0 0 0 0
Other Current Assets 0 0 0 0
Total Current Assets 0 0 0 0
Long-Term Investments 2,485,800 2,358,700 2,186,600 2,112,600
Property, Plant & Equipt 0 0 0 0
Goodwill 0 0 0 0
Intangible Assets 0 0 0 0
Accumulated Amortization 0 0 0 0
Other Assets 80,400 64,400 45,900 40,000
Deferred LT Asset Charges 0 0 0 0
Total Assets 3,205,900 3,144,100 2,958,800 2,797,600
Current Liabilities:
Accounts Payable 122,000 103,900 100,400 90,300
Current Portion LT Debt 0 0 0 0
Other Current Liabilities 0 0 0 0
Total Current Liabilities 0 0 0 0
Long Term Debt 379,100 331,600 331,600 352,500
Other Liabilities 1,018,500 1,111,600 1,089,500 997,200
Deferred LT Liab. Charges 0 0 0 0
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 1,483,700 1,547,100 1,521,500 1,440,000
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 100 100 100 200
Retained Earnings 124,900 -16,200 -168,700 -214,600
Treasury Stock -35,700 -16,600 -17,500 -23,800
Capital Surplus 1,634,100 1,630,600 1,627,800 1,599,000
Other Stockholder Equity -1,200 -900 -4,400 -3,200
Total Stockholder Equity 1,722,200 1,597,000 1,437,300 1,357,600
Net Tangible Assets 1,722,200 1,597,000 1,437,300 1,357,600
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Net Income -145,500 159,000 302,860
Operating Activites:
Depreciation -100 -7,000 5,409
Adjustments to Net Income 254,100 5,400 -10,304
Changes in Accounts Recv'bls -14,800 90,600 294,786
Changes in Liabilities -26,600 -312,300 -850,712
Changes in Inventories 0 0 0
Changes in Other Op'ing Actv's 0 7,600 -310,501
Total Cash Flow fr Operations 71,500 100,100 -568,462
Investing Activities:
Capital Expenditures -14,900 -6,900 -11,432
Investments 208,700 507,500 124,433
Other Cash Flows fr Investing 0 0 1,132
Total Cash Flows fr Investing 221,000 500,600 114,133
Financing Acitivies:
Dividends Paid -87,500 -211,500 -30,041
Sale or Purchase of Stock -129,800 -124,700 165,975
Net Borrowings -268,400 -122,300 173,407
Other Cash Flows fr Financing 0 -3,900 0
Total Cash Flows fr Financing -485,700 -462,400 309,341
Effect of Exchange Rate Change 900 1,800 7,935
Change in Cash & Cash Equiv.s -192,300 140,100 137,053
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Net Income 147,500 159,000 52,300 -47,700
Operating Activites:
Depreciation 3,000 2,400 3,000 2,600
Adjustments to Net Income -71,900 -101,400 -300 116,900
Changes in Accounts Recv'bls 60,700 -116,800 44,600 78,400
Changes in Liabilities 20,400 109,000 -32,800 -179,900
Changes in Inventories 0 0 0 0
Changes in Other Oper'g Acts -101,900 -800 -16,100 -7,700
Total Cash Flow f Operations 57,800 51,400 50,700 -37,400
Investing Activities:
Capital Expenditures -2,300 1,400 -1,400 -2,300
Investments -51,900 -56,900 -58,700 -299,500
Other Cash Flows fr Investing -20,100 -11,000 1,300 31,500
Total Cash Flows fr Investing -74,300 -66,500 -58,800 -270,300
Financing Acitivies:
Dividends Paid -6,400 -6,500 -6,800 -6,900
Sale or Purchase of Stock -12,400 0 0 0
Net Borrowings -32,000 16,900 0 0
Other Cash Flows fr Financing 32,000 0 -32,000 32,000
Total Cash Flows fr Financing 0 2,000 500 3,500
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. -29,700 -34,700 17,600 -311,100
MRH Montpelier Re Holdings Ltd. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 3.0000 P/E Ratio > 5? 0.0000
P/E Ratio Vs Growth Rate: 0.2800 Forward P/E Ratio < 28? 3.0000
Sales Tests:
Price/Sales Ratio < 2.3? 1.1275 Inventory/Sales < 5%? 1.0000
Sales < $1 billion? 2.7450 Operating Margin < 7.5%? 0.1589
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 3.0000
LTD Being Reduced? 1.2000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.9995 Working Capital >= 1.5? 1.0000
Leverage Ratio < 20%? 1.4185 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.0000 Inventory Turnover > 1? 1.0000
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 1.0563
Profit Margin > 7.5%? 3.0000
Income Tests:
Dividend Yield > 2.0%? 2.8571 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 1.3267 EPS 5-yr Growth > 20%? 0.0000
Enterprise Value/EBITDA: 0.5869 EPS Growth Consistent? 1.8000
EPS Qrtly Growth > 10%? 0.0000 Collection < 45 days? 0.1288
Rev. Qtrly Growth > 15%? 3.0000 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 1.4252
Stock Performance Tests:
Volatility > 25%? 2.1635 % Held by Insiders < 5%? 0.4883
Beta > 1.25? 0.6640 % Held by Institut. < 50? 0.5107
50 Da MA > 200 Da MA? 0.2970 % Held by Institut. > 30? 3.0000
52-Wk Change vs. S&P 500: 1.6808 Short Ratio > 5? 1.1400
Price/Book Value < 3? 3.0000 Short % of Float > 20? 0.1700
Return on Assets > 17%? 0.3818 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 0.0654 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.0531
Cash Flow / Assets >.10? 3.0000
MRH Montpelier Re Holdings Ltd. Overall Zenith Index: 1.4801
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Montpelier RE Holdings:
Symbol? MRH
Total Months Available: 85
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
17.31 10.13 14.48 12.06 17.64 14.15
RANGE = 17.64 TO 10.13 Close = 16.97
CHANNEL = 14.48 TO 14.15 Degree = 0
Volatility = 1.94% Index = 0
Intraday Chart |
20 Days:
1 Day:
The following table details which MACD signals on the preceding chart are best taken. Originally, this was set up for a two-day span, but ten days gives a better sample. Unfortunately, with the 10-day span, the colored lines on the histogram are much harder to read. Both spans are shown above. Red turning into green on the histogram is a buy and green turning into red is a sell, but with the following conditions. The share price must have moved at least 0.2% away from the previous signal price in order to avoid whipsawing. More importantly, the +/- magnitude of the MACD (the blue line, which crosses the red line at signal time) must be greater than the minimum required magnitude indicated below. Otherwise, the signal is ignored. MRH Minimum Magnitude MACD for Action = ± 0.0100 Ticker Day Time Hist. MACD Sig Line Act Price Profit MRH 04 08:43 0.0002 -0.0142 -0.0144 B 15.95 0.00 MRH 04 11:21 -0.0016 0.0271 0.0288 S 16.03 0.50 MRH 04 12:50 0.0005 -0.0181 -0.0185 B 15.92 1.19 MRH 04 12:53 -0.0012 -0.0198 -0.0186 S 15.88 0.94 MRH 05 06:30 0.0037 -0.0154 -0.0191 15.91 0.87 MRH 06 06:41 0.0020 -0.0286 -0.0306 B 16.17 0.87 MRH 09 06:12 -0.0029 0.0151 0.0180 16.15 -0.57 MRH 09 06:51 -0.0012 0.0376 0.0388 S 16.27 -0.57 MRH 09 07:00 0.0002 0.0344 0.0342 B 16.34 -1.00 MRH 09 12:23 -0.0003 0.0113 0.0116 S 16.39 -0.70 MRH 09 12:47 0.0011 -0.0131 -0.0142 B 16.32 -0.27 MRH 10 06:31 -0.0036 -0.0050 -0.0014 16.27 0.46 MRH 10 07:17 -0.0005 0.0422 0.0427 S 16.56 0.46 MRH 11 06:32 0.0053 0.0058 0.0005 16.71 2.42 MRH 11 06:56 0.0019 0.0328 0.0309 B 16.81 2.42 MRH 11 07:16 -0.0000 0.0441 0.0441 S 16.93 3.13 MRH 12 05:00 0.0005 0.0028 0.0023 17.00 4.26 MRH 12 06:53 0.0003 -0.0122 -0.0125 B 16.94 4.26 MRH 12 07:38 -0.0002 0.0106 0.0108 S 17.00 4.61 MRH 12 08:20 0.0001 -0.0378 -0.0379 B 16.77 5.97 MRH 12 09:20 -0.0000 0.0224 0.0225 S 16.92 6.83 MRH 12 09:31 0.0005 0.0215 0.0211 B 16.96 6.57 MRH 13 06:30 0.0056 0.0103 0.0048 17.00 6.06 MRH 13 06:44 -0.0025 0.0113 0.0138 S 16.91 6.06 MRH 13 11:12 0.0013 -0.0161 -0.0174 B 16.95 5.83 MRH 13 13:01 0.0003 0.0085 0.0082 16.97 5.95
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | - 1 |
| Bond Issue | + 1 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | - 1 |
| Intrinsic Value DDM | + 1 |
| Stock Scout | + 1 |
| Projected Earnings | - 1 |
| Research Reports | - 1 |
| Analysts | - 1 |
| Executive Perquisites | + 1 |
| Insider Activity | + 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | - 1 |
| Sentiment | + 1 |
| Standard & Poor's | + 1 |
| Moving Average | + 1 |
| Stock Fetcher | - 1 |
| Point & Figure | + 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | 0 |
| Stock Options | + 1 |
| Ultimate Trading Systems | - 1 |
| Total | + 10 |
Place 1,760 shares of Montpelier RE Holdings Ltd. (MRH) on the Active List.
