Bank of New York has been appointed custodian and securities lending agent to Montpelier Re Holdings, for approximately $1.8 billion of invested assets.
“After a thorough evaluation process, we selected The Bank of New York based on their commitment to the investor services industry,” says Neil McConachie, SVP, Treasurer & Chief Accounting Officer at Montpelier Re. “We were impressed with the integration of their custody and cash services as well as their securities lending program.”
“Our team of insurance experts is committed to creating solutions that help our clients meet the evolving needs of the marketplace,” said Louis DiFranco, Head of the Global Insurance Division at The Bank of New York. “Our global information delivery system, INFORM, will provide real-time information through flexible reporting options.”
Montpelier Reinsurance Ltd. is a provider of property and casualty reinsurance and insurance products. Montpelier Reinsurance Ltd. is rated “A” (Excellent) by A.M. Best Company, “A-” (Strong) by Standard & Poor’s and “A3” (Good) by Moody’s Investors Service.
The Bank of New York’s Global Insurance Division manages the Bank’s relationships
with insurance companies, supplying them with correspondent clearing, custody, securities lending, cash management, corporate trust, and trade execution services.