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LONDONMontpelier Re Holdings Ltd. has received approval from Lloyd's of London for its new syndicate, 5151, to begin trading on July 1.
The syndicate will underwrite nonmarine property, engineering and some casualty business, Hamilton, Bermuda-based Montpelier said in a statement.
The syndicate initially will have stamp capacity of £47 million ($93.6 million) for 2007. This will rise to £143 million ($284.7 million ) in 2008, subject to market conditions, the company said in a statement.
The syndicate will be managed by London-based Spectrum Syndicate Management Ltd. Richard ChattockSpectrum's senior vice president, and direct and facultative underwriterwill be the active underwriter of the syndicate.