Neon opens Bermuda office; former Ariel Re exec to head

Specialist Lloyd’s insurer Neon has opened an office in Bermuda as it grows its international footprint.

The office will be headed up by Chris Fisher, a Bermudian underwriter with 25 years of experience in Bermuda, the US and the UK.

Prior to joining Neon he served as chief underwriter of insurance for Ariel Re in Bermuda where he worked for nine years having helped to found Ariel’s insurance team.

Fisher will initially be writing direct and facultative property insurance on a global basis as an approved coverholder for Lloyd’s Syndicate 2468. Business will be considered on a primary, quota share and excess of loss basis with critical catastrophe line sizes up to $10 million and fire capacity up to $25 million.

Fisher said: “I’m delighted to be joining Neon to open and lead its new Bermuda office. We believe that the existing expertise of Neon’s Lloyd’s syndicate, in conjunction with the strong Lloyd’s financial rating and our stated goal of building upon our local underwriting talent means that we’ll be able to offer a compelling and relevant proposition to this strategically important market.”

Martin Reith, chief executive officer of Neon, added: “Opening the Bermuda office is a strong statement of our intent to expand Neon’s international presence and grow the business. In Chris, we have a highly regarded local underwriter with strong relationships on the Island, as well as in the US. We have bold ambitions to grow our Bermudian platform, and anticipate adding both personnel and product lines in the near future.

“More broadly, opening in Bermuda, which follows the completion of our strategic review, is a further sign of the momentum within Neon as we continue to make encouraging progress with the strategic turnaround of the business. It’s an exciting time for the Group, and we look forward to updating the market with further news demonstrating this positive trajectory.”