Bermuda-based reinsurer Montpelier Re Holdings Ltd. has announced its deputy chairman, executive vice president and chief operating officer Tom Busher will retire at the end of this year.Mr Busher was a member of the original management team that founded Montpelier in late 2001, and has been COO since its inception. He was elected to Montpelier’s board of directors in May 2007 and appointed deputy chairman in May 2008. During his time with the company he has been closely associated with many key initiatives, including Montpelier’s IPO on the NYSE in October 2002, the founding of Syndicate 5151 at Lloyd’s in 2007, and the recent IPO of Blue Capital Global Reinsurance Fund Limited on the London and Bermuda Stock Exchanges in December 2012.“Tom was Employee #1 when Montpelier was established and has worn many hats during his tenure with the company,” said Montpelier chairman, Anthony Taylor. “He has been instrumental in all of the major initiatives which the Montpelier Group has undertaken over the last twelve years. I have valued both his management skills and his wise counsel.”Montpelier says Mr Busher will step down from the board at the company’s annual general meeting in May, but will continue to serve as COO until the end of the year.