11/19/03
NEW YORK, N.Y., November 19, 2003 - The Bank of New York announced today that it has been appointed by Montpelier Re Holdings, Ltd. to provide custody services and to act as securities lending agent 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," said 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."
According to the company, Montpelier Re Holdings, Ltd., through its operating subsidiary Montpelier Reinsurance Ltd., is a premier provider of global 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 enterprise-wide relationships with insurance companies and their subsidiaries across all products of the Bank and all facets of the client organization. A sample of services currently provided to insurance companies includes correspondent clearing, custody, securities lending, cash management, corporate trust, and trade execution services.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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