Montpelier Re Holdings Ltd. has formed a new UK managing general agent, known as Paladin Underwriting Agency Ltd.

Paladin, 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 niche underwriting teams with access to profitable classes of business.

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 president and CEO Chris Harris 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."

Mr. Adamson was formerly managing director of the Electrical Contractors' Insurance Company Ltd., a UK general insurance company focussing on the specialist construction market.

He has 30 years of insurance experience, including management roles with ITT London & Edinburgh, Fuji Fire & Marine Group, and FM Global and directorships of several companies.

Mr. Busher is Montpelier's head of European Operations, while Mr. Perdoni is managing director of Montpelier Underwriting Agencies Ltd., a Lloyd's managing agency.

Mr. Chattock is active underwriter of Montpelier Syndicate 5151 and has 24 years of underwriting experience in the industry. He joined Montpelier in Bermuda as a senior underwriter at the commencement of the business.