Neon is pleased to announce that it will lead the newly established London Political Risks Insurance Consortium, with MS Amlin becoming a joint agreement party.
Spearheaded by Neon’s recently promoted Head of Specialty, Nicholas Robinson, the new initiative has been created in response to increased levels of political uncertainty across the globe that have triggered demand for political risks insurance coverage at scale.
The consortium is aiming to provide insurance coverage to corporate investors and financial institutions for assets which can be located anywhere in the world, including in emerging markets. It shows the real strength of the Lloyd’s market to be able to tackle large and complex risks, addressing a growing market need through an innovative collaboration which leverages the specialist expertise of Neon and MS Amlin.
With a maximum policy period of seven years, it provides coverage which offers clients longer-term peace of mind than is typically available, for risks including:
- political violence & war
The new consortium has a USD $100 million limit per policy and, uniquely in the market, is made up of 100% Lloyd’s capacity. It will allow syndicates to compete more easily for bigger risks demanding larger capacity at more attractive rates, with brokers able to access leading underwriting expertise in a single meeting.
Nicholas Robinson, Neon’s Head of Specialty said:
“Political Risks insurance has long been a strength for Lloyd’s and Neon’s team has more than half a century of combined experience in this specialist field. This includes the expertise to consider confiscation of business for assets owned through shareholding. The consortium can also support the growing group of financial institutions looking to lend into emerging markets and which therefore require country risk coverage.
The consortium will provide the necessary scale and breadth of coverage for both London-based and global clients at a time where there is growing demand for the product, following various loss events in South America, Eastern Europe, North Africa and Asia.”
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Neon is a vibrant 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. The registered company name for the main regulated entity is Neon Underwriting Limited. 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 over US$60 billion.
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