Neon announced the launch of an underwriting operation in Italy with Cambiaso Risso, a leading Italian marine broker who will have a minority shareholding in the venture.
Based in Genoa, Neon Italy will initially target hull and cargo business placed locally.
“The venture will develop Neon’s marine portfolio, combining its innovative approach to risk solutions with Cambiaso Risso’s global network of relationships and specialist technical expertise developed over its 70-year history,” said Neon in a statement.
Neon Italy will be led by Sergio Revello, who has extensive experience in the international marine sector across both broking and underwriting roles, including on behalf of Lloyd’s syndicates. The board of directors includes Martin Reith, Neon’s group chief executive, and Mauro Iguera, CEO of Cambiaso Risso.
Intending to start underwriting from Jan. 1, 2018, Neon Italy will, subject to approval, be regulated by the Institute for the Supervision of Insurance (IVASS) and become a Lloyd’s approved coverholder writing on behalf of Neon’s syndicate 2468.
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