The specialist Lloyd’s insurer Neon, formerly known as Marketform, announced it has opened an office in Bermuda as it grows its international footprint with greater access to both the Bermudian and U.S. markets.
Located at 29 Victoria Street, Hamilton, the office is now writing business and will be led by Chris Fisher as chief executive officer. Fisher has 25 years of experience as an underwriter in Bermuda, the U.S. and the U.K.
Prior to joining Neon he was chief underwriter of insurance for Ariel Re in Bermuda, where he worked for nine years having helped to form Ariel’s insurance team. Fisher has also worked for ACE in various senior underwriting and executive roles and started his insurance career in Bermuda with BF&M General Insurance Co.
Neon said it expects to make a number of local hires as the office expands.
Fisher initially will be writing direct and facultative property insurance on a global basis as an approved coverholder for Lloyd’s Syndicate 2468. Business will be considered on a primary, quota share and excess of loss basis with critical catastrophe line sizes up to US$10 million and fire capacity up to US$25 million.
“I’m delighted to be joining Neon to open and lead its new Bermuda office,” said Fisher, CEO Bermuda. “We believe that the existing expertise of Neon’s Lloyd’s syndicate, in conjunction with the strong Lloyd’s financial rating and our stated goal of building upon our local underwriting talent, means that we’ll be able to offer a compelling and relevant proposition to this strategically important market.”
“Opening the Bermuda office is a strong statement of our intent to expand Neon’s international presence and grow the business,” commented Martin Reith, chief executive officer, Neon.
“In Chris, we have a highly regarded local underwriter with strong relationships on the Island, as well as in the U.S. We have bold ambitions to grow our Bermudian platform and anticipate adding both personnel and product lines in the near future,” Reith said.
He noted that the opening of the Bermuda office follows the completion of the company’s strategic review and is a further “sign of the momentum within Neon as we continue to make encouraging progress with the strategic turnaround of the business.”