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ZUG, Switzerland Montpelier Re Holdings Ltd. is forming a new company to primarily provide marketing support for the group's Lloyd's of London operation.
Montpelier Europa A.G. will be based in Zug, Switzerland and is expected to begin operating Sept. 1.
Bermuda-based Montpelier Re said the principal role of the new office will be to provide marketing services to Lloyd's Syndicate 5151, which writes non-marine property and some specialty casualty business. It will also support Montpelier Re's existing regional marketing efforts for some lines.
"We believe that continuing consolidation in the European reinsurance market has created an opportunity for Syndicate 5151 to attract selected business that has not previously found its way to Lloyd's," said Gerald Koenig, recently named chief executive officer of Montpelier Europe, in a statement.
"Montpelier Re already has an established portfolio of large European commercial property reinsurance lines. The syndicate will be looking to complement that by accessing the middle market and regional business" of clients looking to diversify beyond the "limited number of continental carriers, yet who wish to maintain their security at the highest level," he said.