Montpelier Re Forms Lloyd’s Managing Agent

Montpelier Re Holdings Ltd. announced that it has received approval from the UK’s Financial Services Authority (FSA) and Lloyd’s to establish a wholly owned Lloyd’s Managing Agent subsidiary. The new unit – Montpelier Underwriting Agencies Limited (MUA) – will assume the management of Montpelier Syndicate 5151 for the 2009 Underwriting Year of Account with effect from 1st January 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 1st July 2007, under the management of Spectrum Syndicate Management Limited,” the announcement explained.

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 Montpelier Re’s CFO Mike Paquette, who has been appointed Finance Director. Chris Harris, Montpelier Re’s President and CEO, and Nicholas Newman-Young, former Managing Director of Montpelier Marketing Services (UK) Limited, become Non-Executive Directors while Tom Busher, Deputy Chairman of Montpelier and Head of European Operations, assumes the role of Chairman.

Montpelier Chairman, Anthony Taylor, noted: “The establishment of our own Lloyd’s Managing Agency begins a new chapter in the development of our international platform.”

Source: Montpelier Re – www.montpelierre.bm