One of Bermuda's newest reinsurers - Montpelier Re - is poised for an initial public offering just six months after opening for business.

In a filing with the US Securities and Exchange Commission (SEC) the company said it intended to list on the Nasdaq "as soon as practicable" under the symbol MRHL. The company reported it would launch with up to $250 million of common shares although it said the final size of the offering would not be determined until after the registration statement became effective.

The company announced its plans to go public after it posted $203.7 million in gross premiums written for its first full quarter of operation, through the period ended March 31.

Montpelier Re Holdings Ltd. and its wholly-owned subsidiary Montpelier Re incorporated on the Island on November 14, 2001 and commenced operations from December 16. It was set up by the White Mountains Insurance Group, in response to the hardening insurance market and void in capacity after the September 11 terrorist attacks, with initial capitalisation of about $1 billion.

The company said no officers, directors or other shareholders plan to sell shares in the offering. The underwriters for the offering are being led by Morgan Stanley & Co. Incorporated, with Banc of America Securities LLC, and Credit Suisse First Boston Corporation as joint book runners and JP Morgan Securities Inc. as co- manager.

Although a new venture, Montpelier is headed up by several noted industry veterans. Its CEO and chief underwriting officer is Anthony Taylor, a long-time veteran of the Lloyd's of London market. Mr. Taylor was formerly deputy chairman of Wellington Underwriting plc., a publicly traded Lloyd's underwriting vehicle and has 25 years of experience in the worldwide reinsurance business

Montpelier's chairman is John (Jack) Byrne, a legend in the industry with over 50 years experience and honoured earlier this year as Insurance Leader of the Year. Bermuda attracted a large number of the new insurance companies to set up in the wake of the new market after September 11 which Mr. Taylor attributed to Bermuda's pre-eminence as an insurance sector.