Subsidiary will assume management of Syndicate 5151
Montpelier Re Holdings has announced that it has received approval from the Financial Services Authority and Lloyd's to establish a wholly-owned Lloyd’s Managing Agent subsidiary, Montpelier Underwriting Agencies Limited (“MUA”), which 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, US and European markets, began trading on 1st July 2007, under the management of Spectrum Syndicate Management Limited.
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, Chief Financial Officer of Montpelier, who has been appointed Finance Director. Chris Harris, President and Chief Executive Officer of Montpelier, 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, said: "The establishment of our own Lloyd’s Managing Agency begins a new chapter in the development of our international platform.”
Montpelier Re Holdings, through its operating subsidiaries in Bermuda and the US and in its Lloyd’s syndicate in the UK is a premier provider of global property and casualty reinsurance and insurance products. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.