FSA, Lloyd’s Approve Montpelier Re’s Paladin Agency as Coverholder

Bermuda-based Montpelier Re Holdings Ltd. announced the formation of a new UK Managing General Agent, Paladin Underwriting Agency Limited, a wholly-owned subsidiary of the Montpelier Group.

The new MGA has received authorization from the UK’s Financial Services Authority (FSA) and has obtained approval from Lloyd’s for coverholder status.

“Paladin will produce business to Montpelier Syndicate 5151 at Lloyd’s and to third party carriers,” said the announcement. “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, Paladin will produce Specialist Contractors, Recycling and Crime classes of business.”

William (Bill) Adamson has been appointed Managing Director of Paladin. Richard Chattock and Giuseppe Perdoni also join the board as Executive Directors together with Tom Busher and Todd White as Non-Executive Directors.

Montpelier Re’s President and CEO Chris Harris noted: “The establishment of our own UK-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.”

Source: Montpelier Re Holdings – www.montpelierre.bm