Hamilton, Bermuda — Montpelier Re Holdings Ltd. has received approval from the Financial Services Authority and Lloyd's to establish a wholly owned Lloyd's Managing Agent subsidiary, Montpelier Underwriting Agencies Ltd. (MUA), which will assume the management of Montpelier Syndicate 5151 for the 2009 underwriting year, effective Jan. 1, 2009.
Syndicate 5151, which underwrites a book of non-marine property and engineering classes, and a limited amount of specialty casualty business sourced from the London, U.S. and European markets, began trading on July 1, 2007, under the management of Spectrum Syndicate Management Ltd.
Giuseppe Perdoni has been appointed managing director of MUA, and Peter Rand has been appointed director of underwriting. John Goldsmith and Terry O'Neill have been appointed independent non-executive directors.
Richard Chattock, active underwriter of Syndicate 5151 since its inception, also joins the board, along with Mike Paquette, CFO of Montpelier, who has been appointed finance director. Chris Harris, president and CEO of Montpelier, and Nicholas Newman-Young, former managing director of Montpelier Marketing Services (UK) Ltd., become non-executive directors while Tom Busher, deputy chairman of Montpelier and head of European operations, assumes the role of chairman.
"The establishment of our own Lloyd's Managing Agency begins a new chapter in the development of our international platform," says Anthony Taylor, Montpelier chairman.
Montpelier Re Holdings Ltd., through its operating subsidiaries in Bermuda and the United States, and in its Lloyd's syndicate in the UK, provides property/casualty reinsurance and insurance products. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.
Source: Montpelier Re Holdings Ltd.
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