Neon Sponsors Second NCM Re Transaction

London Tuesday 08 January, 2019

Neon Sponsors Second NCM Re Transaction

Neon today announces that it has successfully raised third party capital to support its second 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 investment in the reinsurance sector.

The transaction, which launched on 1 January 2019, is a $77m collateralised quota share of Neon Syndicate 2468’s property treaty reinsurance and direct and facultative portfolios.

Mark Gibson, Alternative Capital Director at Neon, said:

“We are delighted with the continued support from existing investors and that new investors enabled us to increase the size of the transaction this year. This is quite an achievement given ILS market conditions and we are pleased to have sponsored the first renewal transaction under the UK regime, facilitated by early engagement with the Prudential Regulation Authority.”

 

NCM Re was the first UK-domiciled protected cell company to utilise ILS regulations passed in late 2017.

 

 


 

MEDIA ENQUIRIES

Haggie Partners  Tel: +44 (0) 20 7562 4444

Peter Rigby peter.rigby@haggie.co.uk

Nick Ravenscroft nick.ravenscroft@haggie.co.uk

 

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