Reinsurer Montpelier Re buys back 6.9 million shares in private transaction

Reinsurer Montpelier Re buys back 6.9M shares

NEW YORK — Bermuda-based reinsurance company Montpelier Re Holdings Ltd. said Friday that, in a private transaction, it has bought the 6.9 million shares that Wilbur L. Ross Jr. and investment funds managed by WL Ross & Co LLC owned.

The company paid $19 per share. The transaction represented 8.9 percent of Montpelier’s outstanding shares. Ross will resign from the company’s board on March 1. He joined the board in 2006, the company said.

Shares rose 28 cents to $18.02 in after-hours trading. The stock had closed down 12 cents at $17.74.