Bermuda-registered Montpelier Re Holdings Ltd. filed yesterday for an initial public offering of up to $250 million of common shares.

Details about the price per share and number of shares were not disclosed in the filing with the Securities and Exchange Commission.

Montpelier was founded by White Mountains Insurance Group Ltd. and Benfield Group Plc in December 2001 with about $1 billion of capital.

The company was one of about eight formed in Bermuda in the wake of the World Trade Center attacks and provides reinsurance for the global property and other insurance markets. Its underwriting team is led by chief executive officer Anthony (Tony) Taylor. Proceeds will be used to increase the company's capital and surplus in order to increase its underwriting capacity, the filing indicated, according to Dow Jones Newswires.

Morgan Stanley, Banc of America Securities LLC, Credit Suisse First Boston and JP Morgan will underwrite the offering.A copy of the prospectus relating to the offering, when available, may be obtained from Morgan Stanley, 1585 Broadway, New York, NY 10036, Attn: Prospectus Department, (212) 761-4000, or at www.sec.gov, the company said.