London Monday 13 June, 2016
Marketform re-launches as Neon
Marketform, the specialist Lloyd’s insurer, is delighted to announce that the Group has today re-launched as Neon, marking the start of an exciting new chapter in its history.
The re-launch coincides with the completion of a strategic review of the business, as CEO Martin Reith and the Group’s new leadership team continue to progress with their plans to return the business to profitable growth and become a leading specialist Lloyd’s insurer.
Key strategic priorities for Neon
- Targeted approach to growth: Neon will pursue a slow, deliberate and patient approach to strategic growth, building out capability in the areas which it has identified as opportunities whilst maintaining a long-term perspective.
- Disciplined underwriting across a broad spread of classes: Neon will continue to develop capabilities in specialist classes which require underwriting excellence:
- This will be underpinned by a stronger focus on data-driven underwriting and improved operational efficiency and a more creative and responsive approach to delivering client solutions.
- The portfolio will shift to a more balanced mix of long and short tail business. Combined with the more data-driven approach, this will provide management with better visibility of its book.
- Neon is committed to the following underwriting lines: Accident & Health; Bloodstock & Livestock; Cargo; Financial Lines; Marine & Energy Liability; Marine Hull & War; Mergers & Acquisitions; Political Risks & Trade Credit; Professional Indemnity; and Terrorism & Political Violence.
- In addition to these existing lines, Neon will establish a footprint in catastrophe underwriting. This follows its recent commitment to a long-term strategic partnership with catastrophe risk modelling firm RMS.
- Superior claims servicing: Neon will work closely with clients and brokers to ensure consistent service excellence.
- Efficient operating platform: Moving forward, Neon will ensure it functions as a right-sized business, with the right people, headcount, and structures in place to allow it to better manage its expense ratio, and therefore ultimate underwriting returns.
- Strategic Relationships: Neon is focused on re-building a strong distribution network based on long-term relationships with key broker partners, and will prudently grow its geographic footprint in line with the needs and requirements of clients and where strategic opportunities arise.
- This strategy will be underpinned by a strong and committed long-term capital provider in American Financial Group.
Martin Reith, Chief Executive Officer, Neon, commented:
“We are hugely excited to be able to present today both a new identity for the Group, as well as a bold forward looking vision for the future of Neon. Derived from the Greek for ‘new’, Neon represents our commitment to build a fresh trajectory for the business and to provide our clients with a dynamic and innovative approach to underwriting.
“This signifies a new start for this company, following a challenging few years; we have now completed our strategic review, identifying where Neon can deliver sustainable and profitable performance, the opportunities for growth and parts of the business that need reshaping. The leadership team has now put in place a plan which we believe will enable Neon to deliver on its potential as a business.
“Since my arrival, we have been working tirelessly to address legacy issues and transform the business. While near-term performance will remain difficult as we work through these remaining issues, we stand today an enthused and motivated business; I look forward to our future with great confidence.”
Neon Appoints Theo Butt
London Wednesday 23 May, 2018
Neon Expands Political and Credit Risk Offering
London Thursday 18 January, 2018
Neon Launches United Kingdom’s First ILS Vehicle
London Wednesday 03 January, 2018
Neon Announces RITC of 2015 Year of Account
London Thursday 21 December, 2017
Neon appoints Tim Overton as Head of Pricing
London Thursday 07 December, 2017
Neon appoints Richard Heppell as Chief Financial Officer
London Friday 24 November, 2017
Chord Re to Launch as Reinsurance-Focused MGA
London Tuesday 14 November, 2017
Neon Establishes Italian Marine Joint Venture
London Friday 20 October, 2017
Neon appoints new Class Underwriters to Marine Team
London Wednesday 27 September, 2017
Neon appoints former Hiscox Underwriter to Property team
London Thursday 31 August, 2017
Neon hires Charles Boorman as Head of Financial Lines
London Tuesday 01 August, 2017
Neon Appoints Reinsurance & Alternative Capital Director
London Tuesday 11 July, 2017
Neon Further Expands Bermuda Property Reinsurance Team
BERMUDA Friday 07 July, 2017
Neon Grows Professional Indemnity Team
London Wednesday 05 July, 2017
Neon Strengthens Underwriting Management Team
London Tuesday 27 June, 2017
Neon Acquires Sapphire Underwriters
London Wednesday 14 June, 2017
Neon Announces Build Out of Claims Team
London Tuesday 09 May, 2017
Neon Continues to Grow Property D&F Team
London Monday 24 April, 2017
Neon expands Property Insurance team
London Monday 27 February, 2017
Neon Bermuda appoints Nick Pritchard as Head of Property Reinsurance
London Monday 13 February, 2017
Neon strengthens managing agency Board through two appointments
London Tuesday 31 January, 2017
ICAT Partners with Neon to Underwrite Large U.S. Property Accounts
Bermuda Thursday 05 January, 2017
Neon Bermuda Appoints Non-Executive Directors
London Monday 12 December, 2016
Neon closes 2007 year of account and exits Italian Public Hospitals
London Thursday 17 November, 2016
Olly Reeves joins Neon as Chief Risk Officer
London Tuesday 01 November, 2016
Neon makes senior appointment to Bermuda office
London Monday 24 October, 2016
Neon promotes Angus Wilson to Head of Marine
London Wednesday 05 October, 2016
Neon appoints Head of Casualty, continuing to strengthen senior team
London Monday 18 July, 2016
Neon selects TigerEye for turn-Key underwriting analytics as it develops Treaty Reinsurance business
London Thursday 07 July, 2016
Neon opens Bermuda office
London Tuesday 21 June, 2016