Bermuda-based Montpelier Re Holdings Ltd. has announced the appointment of Christopher L. Harris as Chief Executive Officer, effective July 1, 2008. He will succeed Anthony Taylor who, as previously announced, will assume the role of Executive Chairman until December 2009.
Harris joined Montpelier in 2002, shortly after the Company’s formation, as Chief Actuary and was later named Chief Underwriting and Risk Officer in 2006, and President, effective January 1, 2008. He has 18 years of industry experience in a variety of underwriting, actuarial and risk management positions. Harris has signed a new three-year contract, coinciding with his new position.
Taylor praised Harris as a “truly talented insurance leader who has not only a full understanding of underwriting strategy and portfolio and risk management but also an astute strategic mind.” He also noted Harris’ role in “leading us through an admittedly tough period following the hurricanes of 2005 and has positioned the Company well to take advantage of opportunities ahead. He was the obvious choice to lead Montpelier going forward.”
Montpelier Re also announced a number of other promotions, pursuant to its succession plan, which will become effective July 1. David Sinnott will take over as Chief Underwriting Officer and Timothy Aman as Chief Risk Officer.
Sinnott joined Montpelier’ Re’s Bermuda office in 2002 and has been the Company’s Chief Reinsurance Officer since May 2005. He has 25 years of reinsurance underwriting, risk management and capital markets experience. Sinnott’s prior experience includes stints with PartnerRe, Tempest Reinsurance, General Re and Morgan Stanley.
Aman joined Montpelier in August 2007 as a Senior Vice President and Risk Management Officer. He will assume responsibility for all risk management activities across the Montpelier Group. Aman “has 19 years of actuarial, cat modeling, risk management, reinsurance broking and underwriting experience,” said the bulletin. Prior to joining Montpelier, he spent 11 years at Guy Carpenter, most recently as Managing Director for the Latin America & Caribbean region.
Montpelier also announced that Paul Larrett will assume the role of Chief Treaty Underwriter of Montpelier Reinsurance Ltd., the Company’ s Bermuda based underwriting subsidiary. He joined Montpelier Re’s Bermuda operations in October 2003 and was responsible for underwriting the Company’ s specialty treaty account. He has 17 years of industry experience including previous employment at Danish Re, Copenhagen Re and Wellington Syndicates Ltd.
Harris commented that the appointments “highlight the depth of our management team and provide the Company with solid underwriting and risk management leadership as we look to further build on our successes.”
Standard & Poor’s Ratings Services said that its ratings on Montpelier Re and its operating subsidiary, Montpelier Reinsurance Ltd., “are unaffected by today’s announcements of the future appointments of a new Chief Executive Officer (CEO), other management executives, and an earlier announcement of the appointment of a new Chief Financial Officer (CFO).”
S&P added that the “transitioning management team factor is already captured in the existing outlook and is mitigated by the continued relationship of both Mr. Taylor and Mr. Oberting with MRH.”
Sources: Montpelier Re – www.montpelierre.bm. and Standard & Poor’s – www.standardandpoors.com
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