Neon has expanded its M&A consortium, with capacity increasing from £50 million ($62.2 million) to £75 million ($93.3 million), effective on Jan. 1, 2017.
The consortium is led by Neon and is 100 percent backed by Lloyd’s markets, the London-based company said in a statement.
With limits of up to £75 million (€100 million) per risk, the consortium provides cover for warranty & indemnity, reps & warranties and M&A tax liability, added Neon.
As a Lloyd’s consortium, Neon said it is able to leverage global licenses to write business across a broad range of geographies, “while clients continue to benefit from the market’s robust financial rating and strong claims reputation.
“The market continues to recognize the strength of Neon’s M&A team,” said Martin Reith, chief executive officer of Neon. “Providing specialist products and underwriting excellence is fundamental to Neon’s strategy and I am excited by the strong progress we have seen since Rob [Brown] and his team joined in 2015.”
“We saw strong client demand in the second half of 2016, with significant deal activity taking place, and we are therefore delighted to announce this expansion of our consortium,” commented Rob Brown, global practice leader of M&A of Neon.
“Historically, broader market volatility has led to increased activity in the M&A space, which was evident at the end of last year and into 2017,” Brown added. “By growing our consortium, we are well placed to meet heightened client demand.”
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