Neon News

It’s Clear Insurance Agency Data Is Valuable. Who Owns It May Not Be So Clear.

Independent agencies, like every other business, are living in a data-driven world. The value of data — including how and when it’s used and for what purpose — continues to evolve. As the value of data to agencies continues to …

American Financial Group Decides to Exit Lloyd’s, Putting Neon into Run-off

American Financial Group (AFG) disclosed it will exit the Lloyd’s of London insurance marketplace in 2020, which it joined in 2008 through an acquisition. AFG will place its Lloyd’s subsidiaries including its Lloyd’s managing agency, Neon Underwriting Ltd., into run-off. …

Reith to Step Down as Group CEO of Neon

American Financial Group Inc. announced that Martin Reith intends to resign his executive roles with Neon, including stepping down as group CEO of Neon, effective Sept. 30, 2019. He will remain a member of the Neon Underwriting Ltd. (NUL) Board …

Neon Leads New London Political Risks Consortium, Offering $100M Limit Per Policy

Specialist Lloyd’s insurer Neon announced it will lead a newly established London Political Risks Insurance Consortium, with MS Amlin becoming a joint agreement party. Spearheaded by Neon’s recently promoted head of Specialty, Nicholas Robinson, the consortium has been created in …

HDI Global Specialty Acquires Neon Underwriting’s Bloodstock Team

HDI Global Specialty SE, the new specialty lines insurer, has acquired Neon Underwriting’s bloodstock team. The team is led by Mark Edwards, who has been Neon’s head of Specialty and class underwriter bloodstock/livestock since 2008. Edwards brings with him a …

Neon Sponsors 2nd ILS Transaction via UK Transformer Vehicle NCM Re

Neon announced it successfully has raised third party capital to support its second insurance linked securities (ILS) transaction through its UK-based transformer vehicle, NCM Re. This marks the first reinsurance renewal under the UK’s nascent regulatory regime for alternative capital …

Neon Underwriting Promotes Butt to CEO, Washington to Managing Director

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 …

Venture Capital Firm, Beat Capital, to Merge with Insurer Investment Vehicle Paraline UK

Venture capital firm Beat Capital Partners and insurance investment vehicle Paraline UK announced they plan to merge – in a move that is designed “to enhance and further build Beat’s platform to support independent underwriting businesses.” As a result of …

Neon Launches Copenhagen-Based Marine Business, Orca

Neon announced the launch of Orca Insurance Agency, a Lloyd’s approved coverholder which will underwrite Nordic marine business on behalf of Neon Syndicate 2468. Headquartered in Copenhagen and led by CEO Lars Hendriksen, Orca will offer insurance products, risk consultancy …

Neon Names Ascot’s Butt as Group Underwriting Director

Specialty insurer Neon announced that Theo Butt will be joining the company in September in the newly-created role of group underwriting director for Neon Holdings Limited. Butt joins Neon from Ascot Underwriting where he has worked since 2006, leading property …