Bermuda-based Montpelier Re Holdings reported a $124 million net loss for 2011, driven by this year’s catastrophe events.In the fourth quarter, the company saw a $40 million hit from the Thailand floods and $26 million from other catastrophe events occurring during 2011, including those occurring in the fourth quarter.These losses were partially offset by $18 million of favourable prior year loss reserve development. The combined ratio was 117 percent for the quarter. The loss ratio for the year was 98 percent and the combined ratio was 131 percent.“We made important strategic progress in 2011 with the sale of a non-core business and the expansion of our property catastrophe underwriting partnerships,” said Christopher Harris, president and CEO.“These initiatives enhanced our capital flexibility, improved our competitive positioning, and contributed to a successful January renewal season. While industry challenges still remain, I am confident that Montpelier will continue to build on its strengths in 2012 and capitalise on the increasingly positive prospects for many of our business lines.”Montpelier wrote more business in 2011, with gross premiums written totalling $725.5 million for the year compared to $720 million in 2010.Fully converted book value per common share for the company was $22.71, an increase of 2.5 percent for the fourth quarter and a decrease of 6.1 percent for the full year, after taking into account common share dividends declared during the periods.Net investment income was $17 million for the fourth quarter and $69 million for the full year. The total return on the investment portfolio was 1.6 percent for the quarter and 3.0 percent for the full year.