Chord Re to Launch as Reinsurance-Focused MGA

London Tuesday 14 November, 2017

Chord Re to Launch as Reinsurance-Focused MGA

New underwriting venture to write on Neon paper

Chord Re, a new underwriting vehicle established by Stefan Long, formerly Head of Aspen Re London, is pleased to announce its launch. Chord Re expects to both structure and lead programmes in specialist classes and will initially underwrite on behalf of Neon Syndicate 2468.

Launching operations on 6th November, Chord Re will start quoting for risks incepting from 1/1/18, having already received the requisite 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 & Space, Terror, Nuclear and Cyber.

Stefan will be joined by Tom Meyer as Chief Underwriting Officer, alongside Chris Schmidt, Ed Wheatley and Marc Brendle. The team will also include two Assistant Underwriters and will work closely with Neon’s Chief Underwriting Officer and Active Underwriter Darren Lednor across its portfolio. John Cavanagh will also join as Non-Executive Chairman upon 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.

Stefan Long, CEO of Chord Re, said:

“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. 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.”

Martin Reith, Neon Group Chief Executive, said:

“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.”

“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.”

Tom Milligan, Chairman of Beat Capital, added:

“We are delighted to partner with Neon again in the creation of another exciting business, following the launch of Tarian in 2016.”

 

 

 

MEDIA ENQUIRIES

FTI Consulting
Tom Blackwell / Antonia Powell
+44 (0)203 727 1051 / 1485

neon@fticonsulting.com

 

 

 

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