Marketform re-launches as Neon
Group unveils new identity and completes strategic review
London: 13 June, 2016: 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.”-Ends-
Notes to Editors
Neon is a dynamic, global insurer operating in the specialist Lloyd’s market, committed to offering innovative risk solutions and proactively creating bespoke coverage for its clients.
Neon is highly experienced in underwriting a diverse range of property, specialty, casualty and marine risks on a direct and reinsurance basis, as well as through delegated authorities. Neon is headquartered in Gracechurch Street, London, UK. Neon was formerly known as Marketform.
Neon is a member of Great American Insurance Group. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (NYSE:AFG) an insurance holding company, based in Cincinnati, Ohio with assets of approximately US$50 billion.
For more information, please visit www.neonuw.com.
Ed Berry / Tom Blackwell
+44 (0)203 727 1046/1051