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Montepelier Re Holdings Ltd. Announces Changes To Its Board Of Directors
On February 27th, 2004 Montpelier announced that Anthony Taylor had succeeded Jack Byrne, retired Chairman and CEO of White Mountains, as Chairman of Montpelier and that Mr. Byrne would remain on the Board as a director until the annual general meeting in May. It was also announced that the Board had nominated John P. Cavoores, President and CEO of White Mountains' subsidiary, One Beacon Insurance Group, for election to the Board at the annual general meeting.
Today, Montpelier announced that Mr. Byrne will retire from the Montpelier Board effective March 31st 2004 and that Mr. Cavoores will not be standing as a nominee for election to the Board.
White Mountains has advised Montpelier that these changes are being made by White Mountains in connection with an internal restructuring of White Mountains' business and that, together with additional steps White Mountains may take, a change in the treatment of its Montpelier investment under US generally accepted accounting principles may result.
Montpelier Re Holdings Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global property and casualty reinsurance and insurance products. Montpelier Reinsurance Ltd. is rated "A" (Excellent) by A.M. Best Company, "A3" (Good) by Moody's Investor Service and "A-" (Strong) by Standard & Poors, and was founded in December 2001. During the 12 months ended December 31, 2003, Montpelier underwrote $809.7 million in gross premiums written. Shareholders' equity at December 31, 2003 was $1.7 billion. Additional information can be found in Montpelier's public filings with the Securities and Exchange Commission.