Marketform, the specialist Lloyd’s insurer, announced that the group has re-launched as “Neon.”
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, the company said in a statement.
The company listed its key strategic priorities as:
Targeted approach to growth: Neon will pursue “a slow, deliberate and patient approach to strategic growth,” building out capability in the areas that it identified as opportunities while maintaining a long-term perspective.
Disciplined underwriting across a broad spread of classes: Neon will continue to develop capabilities in specialist classes that 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 modeling firm RMS, which the company announced on April 28.
- 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.
Neon said its strategic priorities “will be underpinned by a strong and committed long-term capital provider in American Financial Group,” the Cincinnati, Ohio-based insurance holding company.
“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,” commented CEO Martin Reith.
“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,” he added.
“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,” Reith affirmed.
“The leadership team has now put in place a plan which we believe will enable Neon to deliver on its potential as a business,” he said.
“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.”