Neon expands M&A consortium capacity
Specialist Lloyd's insurer Neon has expanded its mergers and acquisitions (M&A) consortium capacity from £50 million to £75 million, starting January 2017.
The consortium, with limits of up to £75 million (€100 million) per risk, provides cover for warranty and indemnity, reps and warranties and M&A tax liability.
Martin Reith, CEO of Neon, said: "The market continues to recognise the strength of Neon’s M&A team. This news further underlines the team’s well-earned reputation as one of the most longstanding and respected in the market. Providing specialist products and underwriting excellence is fundamental to Neon’s strategy and I am excited by the strong progress we have seen since Rob and his team joined in 2015."
Rob Brown, global practice leader of M&A of Neon, added: "We saw strong client demand in the second half of 2016, with significant deal activity taking place, and we are therefore delighted to announce this expansion of our consortium.
“Historically, broader market volatility has led to increased activity in the M&A space, which was evident at the end of last year and into 2017. By growing our consortium, we are well placed to meet heightened client demand. We look forward to drawing on our extensive legal and underwriting expertise as we continue to deliver innovative and best-in-class solutions.”
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