Neon today announces that it has successfully raised third party capital to support its second ILS transaction through its UK-based transformer vehicle (NCM Re). This marks the first reinsurance renewal under the UK’s nascent regulatory regime for alternative capital investment in the reinsurance sector.
The transaction, which launched on 1st January 2019, is a $77m collateralised quota share of Neon Syndicate 2468’s property treaty reinsurance and direct and facultative portfolios.
Mark Gibson, Alternative Capital Director at Neon, said:
“We are delighted with the continued support from existing investors and that new investors enabled us to increase the size of the transaction this year. This is quite an achievement given ILS market conditions and we are pleased to have sponsored the first renewal transaction under the UK regime, facilitated by early engagement with the Prudential Regulation Authority.”
NCM Re was the first UK-domiciled protected cell company to utilise ILS regulations passed in late 2017.
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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