Insurance industry veteran Anthony Taylor will continue to serve as Montpelier Re Holdings Ltd. chairman after his contract with the Bermuda company expires at the end of this year.

But as of January 1, he will cease to be executive chairman and instead continue in the role in a non-executive capacity.

Mr. Taylor joined Montpelier in 2001 at the company's inception as president, chief executive officer, chief underwriting officer and director following a 37-year career in the Lloyd's and London market.

He became chairman in February 2004, succeeding Jack Byrne, the former chairman and CEO of White Mountains Insurance Group, Ltd., one of Montpelier's founding investors.

In his eight years with the Company, Mr. Taylor led Montpelier through its initial public offering in October 2002.

He also directed the Company's growth from a single seat of operations in Bermuda to a global multi-line platform. Montpelier now maintains offices in Bermuda, the US and Europe, including London market operations supported by the formation of Syndicate 5151 in 2007 and a Lloyd's managing agency in 2008. Montpelier CEO Chris Harris said: "While we will miss Tony's daily presence here at Montpelier, I am very pleased that we will continue to benefit from his experience in his ongoing role as chairman of the board.

"He leaves a legacy of leadership and vision reflected in the company's respected brand and continued growth in new markets.

"On behalf of the entire Board and staff, past and present, as well as our shareholders, I want to thank Tony for his enormous contribution to Montpelier."

Mr. Taylor added: "I am delighted to be continuing as chairman of Montpelier. My eventual retirement from day-to-day management of the company was always contemplated as part of our succession plan, and I leave that portion of my activities with Montpelier in very capable hands."