13 June 2016 Insurance

Marketform rebrands as Neon

Marketform, a specialist Lloyd’s insurer, has rebranded as Neon, to coincide with the completion of a strategic review of the business.

The firm hopes to return the business to profitable growth and become a leading specialist Lloyd’s insurer, according to chief executive officer (CEO) Martin Reith and Neon’s new leadership team.

One of the company’s key strategic priorities is to take a 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.

It also plans to maintain disciplined underwriting across a broad spread of classes, and will continue to develop capabilities in specialist classes
This plan 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 firm will also focus on a shift to a more balanced mix of long and short tail business in its portfolio. Combined with the more data-driven approach, it suggests this will provide management with better visibility of its book.

The underwriting lines Neon is committed to include: accident and health; bloodstock and livestock; cargo; financial lines; marine and energy liability; marine hull and war; mergers and acquisitions; political risks and trade credit; professional indemnity; and terrorism and political violence.

Neon will also establish a footprint in catastrophe underwriting. This follows its recent commitment to a long-term strategic partnership with catastrophe risk modelling firm, RMS.

As well as its focus on underwriting, Neon will work closely with clients and brokers to ensure a consistent claims service. The firm also plans for an efficient operating platform, where it 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.

Reith said: “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.”

He added: “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.”

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