One of Bermuda's newest reinsurers - Montpelier Re - may get its initial public offering (IPO) off the ground this week.

The company is listed as one of a dozen companies that are in the pipeline to go public during the week.

The company, which set up on the Island less than a year ago plans to offer 9.5 million common shares in its IPO on the Nasdaq, priced between $20 to 22.

At that level, Montpelier's IPO could raise from $190 million up to around $210 million. The company initially said it hoped to raise up to $250 million.

The company, in a filing with the US Securities and Exchange Commission (SEC) said it intended to list under the symbol MRHL.

The company first announced its plans to go public in the Spring after it posted $203.7 million in gross premiums written for its first full quarter of operation, through the period ended March 31, 2001.

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 offering is 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 world wide 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.