Mr. William Pollett, advised Blue Capital Reinsurance Holdings Ltd. of his resignation as CEO with immediate effect, in light of the completed merger among Montpelier Re Holdings Ltd. and Endurance Specialty Holdings Ltd. and his related resignations, dated August 12, 2015, from all of his former executive positions with Montpelier and its subsidiaries. Following Mr. Pollett's resignation, the company appointed Adam Szakmary as CEO, effective August 14, 2015. Mr. Szakmary will continue to serve in his current capacity as Portfolio Manager of Blue Capital Management Ltd. Mr. William Pollett, also advised the company of his resignation as a director of the company with immediate effect.

Mr. Pollett has served as a member of the Board since 2013. In light of the Board vacancies caused by the resignations of Messrs. Harris and Pollett, on August 12, 2015, Montpelier Re nominated Mr. Michael McGuire as a director and Chairman of the Board and Mr. Szakmary as a director.

On August 14, 2015, the Board voted unanimously to appoint Mr. McGuire as director and Chairman of the Board, effective immediately, to serve until the 2016 Annual General Meeting of the Company's shareholders or until his earlier resignation or removal. Mr. McGuire will not serve on either of the Board's committees. Mr. McGuire has served as the Chief Financial Officer of Endurance since 2006.

Mr. McGuire is 43 years old. Also on August 14, 2015, the Board voted unanimously to appoint Mr. Szakmary to fill the vacancy resulting from Mr. Pollett's resignation, effective immediately, to serve until the 2016 Annual General Meeting of the company's shareholders or until his earlier resignation or removal. Mr. Szakmary will not serve on either of the Board's committees.