Michael Paquette is to replace Kernan (Kip) Oberting as chief financial officer of Montpelier Re Holdings, the Bermuda reinsurer announced yesterday.

Mr. Paquette has also been appointed as an executive vice-president of the company, both roles effective May 1 2008.

Mr. Paquette, who is a Certified Public Accountant, a Certified Management Accountant and a Certified Financial Manager, spent 18 years working his way up in White Mountains Insurance Group Ltd. before moving to Montpelier in May 2007.

Anthony Taylor, Montpelier's CEO and chairman, said: "Since he joined us last spring we have benefited greatly from his wide range of talents and his strong leadership of our expanded finance team."

The former CFO, Mr. Oberting, is leaving the company to establish an investment advisory company and will continue to provide Montpelier with corporate finance, asset allocation and investment advisory services until 2010.

Mr. Taylor added: "Kip has been a very innovative and creative CFO, and we very much look forward to his continued association with Montpelier as an active adviser to the company. We are pleased that we will continue to enjoy the benefit of his wealth of corporate finance and capital management experience into the future."