SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13D

(Rule 13d-102)

INFORMATION INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)

AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

(Amendment No.     )*

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d 1(e), 240.13d 1(f) or 240.13d 1(g), check the following box.  x

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

This Statement on Schedule 13D relates to shares of common stock, par value of 1/6 cent per share (the “Shares”), of Montpelier RE Holdings Ltd., a Bermuda exempted limited liability company (the “Issuer”). The address of the Issuer’s principal executive office is Montpelier House, 94 Pitts Bay Road, Pembroke HM 08, Bermuda.

Item 2 (a) – (c). This statement is being filed by the following persons:

Charlesbank, CB GP, CG Offshore GP, CB VII, CB Offshore, CB Parallel, CB Coinvest VII and CB Coinvest are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

Each of the Reporting Persons is principally engaged in the business of investing in securities. The business address and principal executive offices of the each of the Reporting Persons are c/o Charlesbank Capital Partners, LLC, John Hancock Tower, 200 Clarendon Street, 54th Floor, Boston, Massachusetts 02116.

The Shares to which this Schedule 13D relates are owned beneficially by the Funds.

Item 2 (d) – (e). During the last five years, none of the persons identified in this Item 2 has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors), or has been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

Item 2 (f). Each natural person identified in this Item 2 is a citizen of the United States.

The aggregate purchase price of the 4,238,070 Shares owned by CB VII was $71,688,843, inclusive of brokerage commissions.

The aggregate purchase price of the 983,670 Shares owned by CB Offshore was $16,639,213, inclusive of brokerage commissions.

The aggregate purchase price of the 422,176 Shares owned by CB Parallel was $7,141,293, inclusive of brokerage commissions.

The aggregate purchase price of the 103,719 Shares owned by CB Coinvest VII was $1,754,452, inclusive of brokerage commissions.

The aggregate purchase price of the 2,365 Shares owned by CB Coinvest was $40,000, inclusive of brokerage commissions.

Each of the Funds used its own assets to purchase such Shares.

By vote of the Issuer’s Board of Directors (the “Board”), Michael Eisenson, the Chief Executive Officer and a Managing Director of Charlesbank, was appointed as a director effective as of September 30, 2011. Mr. Eisenson was also appointed to the Board’s Underwriting and Compensation and Nominating Committees, effective September 30, 2011.

The Reporting Persons acquired the Shares for investment purposes in the ordinary course of their business of investing in securities for their own accounts or for one or more accounts over which the Reporting Persons have investment or voting power. The Reporting Persons reserve the right to formulate plans and/or make proposals, and take such actions with respect to their investment in the Issuer, including, subject to applicable law, (i) to hold its Shares as a passive investor or as an active investor (whether or not as a member of a “group” with other beneficial owners of Shares or otherwise), (ii) to acquire beneficial ownership of additional Shares in the open market, in privately negotiated transactions or otherwise, (iii) to dispose of all or part of its holdings of Shares, (iv) to take other actions which could involve one or more of the types of transactions or have one or more of the results described in Item 4 of this Schedule 13D, or (v) to change its intention with respect to any or all of the matters referred to in this Item 4.

(a) and (b) As of September 29, 2011, CB VII, CB Offshore, CB Parallel, CB Coinvest VII and CB Coinvest owned beneficially 4,238,070, 983,670, 422,176, 103,719 and 2,365 Shares, respectively, representing approximately 6.9%,1.6%, 0.7%, 0.2% and less than 0.1% respectively, of the Shares of the Issuer’s common stock outstanding.

As of September 29, 2011, Charlesbank, in its capacity as investment manager of the Funds and general partner of CB Coinvest, had sole voting and dispositive power with respect to all 5,750,000 Shares owned beneficially by the Funds, representing approximately 9.3% of the Shares of the Issuer’s common stock outstanding.

As of September 29, 2011, CB GP, through its control of CB VII, CB Offshore, CB Parallel and CB Coinvest VII, had sole voting and dispositive power with respect to 5,747,635 Shares owned beneficially by CB VII, CB Offshore, CB Parallel and CB Coinvest VII, representing approximately 9.3% of the Shares of the Issuer’s common stock outstanding.

As of September 29, 2011, CB Offshore GP, through its control of CB Offshore, had sole voting and dispositive power with respect to 983,670 Shares owned beneficially by CB Offshore, representing approximately 1.6% of the Shares of the Issuer’s common stock outstanding.

(c) Except as set forth in the attached Annex I to this Schedule 13D, which is incorporated by reference herein, no Reporting Person has effected any transaction in the Shares of common stock in the last 60 days.

(d) Except as set forth in this Schedule 13D, to the knowledge of the Reporting Persons, no person had the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities covered by this Schedule 13D.

(e) Not applicable.

Any cash or equity compensation received by Mr. Eisenson for service as a director of the Issuer (including any securities issued to Mr. Eisenson and proceeds from the sale of any such securities) will be transferred to the Funds pursuant to a contractual obligation of Mr. Eisenson to assign any compensation received for service as a director. Except as otherwise set forth in this Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 or between such persons and any other person with respect to any securities of the Issuer.

SIGNATURES

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.

Dated: September 29, 2011

Annex I

Information With Respect to Transactions of Shares During the Past 60 Days

Charlesbank Equity Fund VII, Limited Partnership

CB Offshore Equity Fund VII, L.P.

CB Parallel Fund VII, Limited Partnership

Charlesbank Equity Coinvestment Fund VII, Limited Partnership

Charlesbank Coinvestment Partners, Limited Partnership

Exhibit A

Joint Filing Agreement

In accordance with Rule 13d-1(f) under the Securities and Exchange Act of 1934, the persons or entities named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Shares of the Issuer and further agree that this joint filing agreement be included as an exhibit to this Schedule 13D. In evidence thereof, the undersigned, being duly authorized, have executed this Joint Filing Agreement as of September 29, 2011.