Neon Underwriting Ltd. (NUL), Neon’s Lloyd’s managing agency, announced the promotions of Theo Butt to chief executive officer and Matthew Washington to managing director with immediate effect.
The appointments are subject to approval by Lloyd’s and the UK Prudential Regulation Authority.
Butt joined Neon Holdings Ltd. earlier this year as group underwriting director and continues to report to Martin Reith, who remains as group chief executive and a director of NUL. Prior to joining Neon, Butt was head of Non-Marine at Ascot Underwriting and held a variety of roles at Marsh and JLT.
Matthew Washington becomes NUL’s managing director in addition to his role as group chief operating officer. Washington joined Neon in 2015 after spending nearly a decade in a range of executive positions at Ascot Underwriting and CV Starr.
Washington succeeds Ian Martin as managing director who, in a long-planned move, is stepping down from his executive role to join the Neon Holdings’ board in a non-executive capacity.
Deepon Sen Gupta, who also joined Neon in 2015 as corporate strategy director, has been appointed to the broader role of group chief strategy officer and Caroline Andrew becomes chief administration officer having previously served as head of HR. Both Sen Gupta and Andrew have joined the Neon Holdings’ board, reflecting the strategic priorities of the business.
“I congratulate Theo, Matt, Deepon and Caroline whose new roles are well deserved, and I would like to thank Ian Martin for his significant role in Neon’s transformation,” said Neon’s Group CEO Martin Reith. “His efforts have been crucial to our success to date, and I welcome him to the Neon Holdings board where we will continue to benefit from his wisdom and experience. I am excited about Neon’s future and pleased to have a strong core group of leaders to execute our strategy.”
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