Montpelier Re Holdings Ltd. said it expects to book between $30 million and $40 million in net losses for large individual risks in the first quarter of 2008, reflecting an industry loss of about $2 billion in that sector for the period.

The news came during the Hamilton, Bermuda-based company’s fourth quarter financial results for 2007, in which it reported its net income for the fourth quarter dropped 26 percent, or $32 million, to $91 million compared to the same period in 2006. Earnings per share dropped 29 cents to 97 cents a share compared to the prior year.

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