To develop international platform and provide group with access to additional specialty lines of business
Montpelier Re Holdings, a provider of global property and casualty reinsurance and insurance products, has formed a new UK Managing General Agent. Paladin Underwriting Agency, a wholly-owned subsidiary of the Montpelier Group, has been authorised by the Financial Services Authority and has obtained Lloyd’s approved coverholder status.
Paladin will produce business to Montpelier Syndicate 5151 at Lloyd’s and to third party carriers. The company is structured to attract 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.
Chris Harris, president and CEO of Montpelier, said: “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.”