Chord Re, a new underwriting vehicle established by Stefan Long, formerly head of Aspen Re London, has launched operations on Nov. 6.
Chord Re expects to both structure and lead programs in specialist classes and will initially underwrite on behalf of Neon Syndicate 2468.
Chord Re will start quoting for risks incepting from Jan. 1, 2018, having received the necessary approvals to act as a Lloyd’s coverholder. The core focus of the business for the first year will be specialty focused reinsurance lines, including marine and marine composite, property, engineering, aviation & apace, terror, nuclear and cyber.
Long will be joined by Tom Meyer as chief underwriting officer, alongside Chris Schmidt, Ed Wheatley and Marc Brendle as well as two assistant underwriters. The team will work closely with Darren Lednor, Neon’s chief underwriting officer and active underwriter, across its portfolio.
John Cavanagh will join as non-executive chairman upon his retirement from Willis Re at the end of 2017.
Chord Re is a joint venture between Neon, Beat Capital and Chord Re’s management team, who have long-term ambitions to transition Chord Re into a fully integrated reinsurance carrier.
“We intend to build a market-leading reinsurance business, differentiated by product expertise, with a balanced portfolio that combines quantitative analysis with experienced judgement to provide clients with innovative tailored solutions,” said Stefan Long, CEO of Chord Re.
“We believe that the knowledge, experience and relationships of the team at Chord Re, aligned to the support of Neon, creates a compelling proposition and we look forward to offering an attractive new source of capacity to the market,” he added.
“We are excited about the launch of Chord Re and its world-class underwriting talent. Recent industry losses have resulted in some market dislocation and the team will differentiate itself by offering substantial expertise, leadership and creativity to structure solutions for clients,” said Martin Reith, Neon group chief executive.
“Neon’s momentum continues to build as our platform attracts yet more of the market’s sharpest entrepreneurial minds. Chord Re provides further demonstration of our ambitions to build a high quality underwriting portfolio.”
Source: Chord Re