Montpelier Re president and chief executive officer Anthony (Tony) Taylor stepped down as a director of insurer Aspen Insurance Holdings Ltd. yesterday.

?My role as CEO of Montpelier makes it difficult for me to contribute fully to Aspen from both an operational and governance perspective,? Mr. Taylor said.

?Given these circumstances the right course is for me to step down and for Montpelier to revert to a conventional shareholder role following Aspen?s successful IPO.?

Montpelier holds 5.2 percent of the shares of Aspen. At current trading levels, its stake is worth about $100 million.

Aspen said Mr. Taylor had served as a director of Aspen since June 2002 and was an important contributor in efforts leading toward the company?s successful initial public offering in December 2003.

?The Board and I are grateful to Tony for his valuable contributions and service,? said Aspen Insurance Holdings chief executive Chris O?Kane.