Neon closes 2007 year of account and exits Italian Public Hospitals

London Thursday 17 November, 2016

Neon closes 2007 year of account and exits Italian Public Hospitals

Neon is pleased to announce the reinsurance to close (RITC) of the 2007 year of account of Syndicate 2468 by the 2016 year of account of StarStone Syndicate 2008.

The transaction includes a quota share of the Italian Public Hospital (IPH) portfolio written by the 2008 year of account of Syndicate 2468 and represents a complete exit for Neon from its Medical Malpractice account relating to IPH.

Neon anticipates that the current Italian team, who have developed a deep understanding of the portfolio and have provided best-in-class claims management support, will continue to service the business.

StarStone is a global specialty insurer and subsidiary of Enstar Group Limited. StarStone Underwriting Limited is the managing agent of Enstar’s run-off Syndicate 2008 and live specialty Syndicate 1301.

Martin Reith, Chief Executive Officer of Neon, commented:

“The reinsurance transactions with StarStone mark a complete exit from our Italian Public Hospitals account. Given the widely-known issues impacting our syndicate as a result of this legacy portfolio, I am delighted that we are now able to bring finality to our supportive capital providers.”

“Whilst we will continue to address legacy issues as part of the turnaround, this represents a key milestone for us – we have drawn a clear line in the sand and the transactions provide further evidence of the positive momentum developed by Neon management since joining.”

Jeff Consolino, Executive Vice President and Chief Financial Officer at American Financial Group and Chairman of Neon Capital Ltd, said:

“We are pleased that Martin and his new management team have secured agreement to close the 2007 year of account and exit from its Italian Public Hospital exposure. Reaching agreement on the reinsurance to close transaction means the Neon management team is better positioned to direct their energies and Neon’s capital resources toward building a strong, profitable business.”

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