Neon group CEO Martin Reith steps down, hands reins to Theo Butt

The group chief executive officer (CEO) of specialist Lloyd's insurer Neon, Martin Reith, is stepping down from his executive roles on September 30. He will remain a member of the Neon Underwriting (NUL) board of directors.

Theo Butt, CEO of NUL, will succeed Reith as a director on the board of Neon Capital (NCL), the parent holding company for Neon.

Jeff Consolino, executive vice president, chief financial officer and director of American Financial Group (AFG), will continue to serve as chairman of NCL and NUL.

As non-executive director of NUL, Reith will continue to work with the Neon management team and AFG to ensure an effective transition, and will advise the management team on other strategic matters.

Consolino said: “After remaking Neon’s brand and recruiting top talent over the past four years, Martin has announced his intention to step aside from day-to-day operations and continue to work as a non-executive director of Neon to assist in completing its journey toward becoming a top quartile Lloyd’s business. We are grateful for Martin’s leadership and his contributions that have positioned Neon for future success and profitable contributions to AFG.”

Reith commented: “I am incredibly proud of what Neon has achieved in such a short space of time. The Neon management team has worked tirelessly to evolve Neon into a meaningful and respected position within the Lloyd’s Market.

"It has been a pleasure to see the Neon brand evolve and gain relevance, and with the hard yards behind us, I wish Theo and all at Neon continued success as they maximise opportunities now arising from a more disciplined market. As I step back from the day-to-day, I look forward to continuing to support Neon as a non-executive director.”

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