Neon, a Lloyd’s specialist insurer, said that its Group CEO Martin Reith is stepping down from running the company.

Reith will make the transition on Sept. 30, though he’ll remain a member of the Neon Underwriting Ltd. Board of Directors. In that role, he’ll work with the Neon management team and corporate parent American Financial Group to ensure an effective transition, and also advice managers on strategy.

In a related move, Theo Butt, CEO of Neon Underwriting Ltd., will replace Reith as a director on the board of Neon’s holding company, Neon Capital Ltd. Jeff Consolino, executive vice president, chief financial officer and director of American Financial Group, remains as chairman and Neon Capital Ltd. and Neon Underwriting Ltd.

Consolino credited Reith with remaking Neon’s brand (the company was known as Marketform) and recruiting top talent over the last four years.

“We are grateful for [Reith’s] leadership and his contributions that have positioned Neon for future success and profitable contributions to [American Financial Group],” he said in prepared remarks.

Source: American Financial Group/Neon