Montpelier Re Holdings Ltd. has announced that its Montpelier Syndicate 5151 will begin underwriting marine insurance business in August 2009.

The new marine account will consist of hull, cargo and specie classes.

Mike Southgate, who will join the syndicate in the summer, will lead the underwriting team. Mr. Southgate has more than 28 years' experience underwriting and broking marine business within both Lloyd's and the London Company market and was most recently a director and marine insurance manager for Swiss Re in London.

Chris Harris, president and CEO of the Montpelier Group, said: "The marine book will be a key element of the syndicate's future business plan, and it fits well with our stated goal of developing classes of business within our Lloyd's platform to complement our Bermuda reinsurance operation."

Richard Chattock, active underwriter of Syndicate 5151, said: "Mike brings a wealth of marine underwriting experience and we are delighted that he is joining the syndicate at this important stage of its development."