NU Online News Service, Dec.14, 3:43 p.m. EST
Montpelier Re Holdings Ltd. announced the formation of a new U.K. Managing General Agent, Paladin Underwriting Agency Limited.
The Bermuda-based firm said a wholly owned subsidiary of the Montpelier Group has been authorized by the Financial Services Authority and has obtained Lloyd's approved coverholder status.
Paladin, it was explained, will produce business to Montpelier Syndicate 5151 at Lloyd's and to third-party carriers. The company is structured to attract niche underwriting teams with access to profitable classes of business that Paladin will manage in a cost-effective manner.
Initially, the company said, Paladin will produce specialist contractors, recycling and crime classes of business.
William (Bill) Adamson, formerly managing director of the Electrical Contractors' Insurance Company Limited, a U.K. general insurance company, has been appointed managing director of Paladin.
Richard Chattock, an underwriter of Montpelier Syndicate 5151 and a director of Montpelier Underwriting Agencies Limited, and Giuseppe Perdoni, managing director of Montpelier Underwriting Agencies Limited, a Lloyd's managing agency, also join the board as executive directors.
Tom Busher, deputy chairman, chief operating officer and head of European Operations of Montpelier Re Holdings Ltd., and Todd White, Montpelier Technical Resources Ltd. senior vice president of corporate strategy, will serve as non-executive directors for Paladin.
Montpelier President and Chief Executive Officer Chris Harris said, "The establishment of our own U.K.-based managing general agent is another step forward in the development of our international platform and will provide the group with access to additional specialty lines of business."
Montpelier Re Holdings Ltd. is a provider of property and casualty reinsurance and insurance products.
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