Insurance veteran Jack Byrne has stepped down as chairman of Bermuda-based Montpelier Re.

In a press statement the company said Mr. Byrne was being replaced by CEO and chief underwriting officer Anthony Taylor.

Mr. Taylor will reportedly carry on as CEO and chairman but will relinquish his position as chief underwriting officer.

Mr. Byrne?s retirement as chairman follows his being appointed to lead the Montpelier board when the company was set up in November, 2001 in response to a spike in demand for reinsurance, following a void in capacity after the September 11 terrorist attacks in the US.

Mr. Byrne has become somewhat of an insurance legend after 58 years in the industry ? starting out in the sector when he was 14 years old, he worked for his father?s insurance business in Wildwood, New Jersey.

He was named ?Insurance Leader of the Year? in 2002.

Mr. Byrne is also chairman of the executive committee of White Mountains Group ? the Bermuda-based insurer that set up Montpelier in 2001 ? and was chairman until November of last year and CEO of the group until his retirement in December, 2002. His term on the White Mountains board expires next year.

Mr. Byrne has a long association with Bermuda, having had business ties to the Island over the last 40 years, and his son, Mark Byrne is chairman of Bermuda-based West End Capital.

Mr. Byrne told last year, that more than half a century after starting out in his father?s business, he was looking forward to scaling back on his professional commitments.

Mr. Byrne was appointed chairman of the board of White Mountains in 1985. He was also chairman of the board of managers of One Beacon Insurance Group from June, 2001, to December, 2001, and CEO of White Mountains from January, 2000, to June, 2001.

He then became president and CEO of White Mountains from 1990 to 1997 and CEO from 1985 to 1990 and was chairman of Financial Security Assurance Holdings, Ltd. and chairman and CEO of Geico Corporation and Fireman?s Fund Corporation.

Speaking of Mr. Taylor assuming the Montpelier chairman position, Mr. Byrne said: ?Anthony is the driving force behind our lovely success since the company was founded just two and a half short years ago. The board felt that he was absolutely the right person to succeed me as chairman.?

Montpelier confirmed that Mr. Taylor would would remain CEO but would relinquish his role as chief underwriting officer to Russell Fletcher, chief reinsurance officer, and also announced that Ray Barrette, CEO of White Mountains Group Limited, would assume the role of lead director and preside over meetings of the non-management directors.

The company further announced that the board has nominated John F. Shettle, president and CEO of Providence Washington Insurance Companies, and John P. Cavoores, president and CEO, One Beacon Insurance Group, for election to the board of directors at the forthcoming annual general meeting in May when Mr. Byrne will retire from the Board.

Mr. Taylor said: ?I am honoured that the board has asked me to succeed Jack, which is a hard act for anyone to follow.

?His vision and inspiration has been the key to the creation of Montpelier as a world class reinsurer in such a short space of time.

?All of us at the company appreciate the tremendous contribution which Jack and White Mountains have made since our foundation.

?With Ray as lead director, John Shettle and John Cavoores joining the board, and Russ succeeding me as chief underwriting officer, Montpelier will continue to have a team of directors and managers who are second to none in the reinsurance industry.?

Separately, White Mountains announced that Mark Byrne would be stepping down as a director of the company.

Chairman George Gillespie said: ?Mark Byrne, a director since 2001, has contributed considerable financial acumen and wisdom to our board considerations.

?However, in light of the new regulatory requirements for independent directors, Mark has decided to step down from our board as a part of in the process of satisfying these requirements.?