Neon launches marine joint venture in Italy

Specialist Lloyd's insurer Neon has launched an underwriting operation in partnership with Italian marine broker, Cambiaso Risso, who will have a minority shareholding in the joint venture.

Based in Genoa, Neon Italy will offer risk capacity to clients, initially targeting hull and cargo business placed locally.

Neon Italy will be led by Sergio Revello, who has extensive experience in the international marine sector across both broking and underwriting roles, including on behalf of Lloyd's syndicates, according to the press release. The board of directors includes Neon’s group CEO, Martin Reith and Mauro Iguera, CEO of Cambiaso Risso.

Intending to start writing business from January 2018, Neon Italy will, subject to approval, be regulated by IVASS and become a Lloyd’s approved coverholder writing on behalf of Neon’s Syndicate 2468.

The venture will develop Neon’s marine portfolio, combining an innovative approach to risk solutions with Cambiaso Risso’s global network of relationships and specialist technical expertise developed over its 70-year history, the statement said.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from this morning's newsletter

Swiss Re faces $3.6bn nat cat losses in Q3

Hannover Re looks for 40-50% cat rate increases in Florida

ILS investors prepare for reloading

Sompo reviews FY earnings forecast after nat cat hit

Aon Benfield names EMEA & UK head of client services

California wildfire claims losses reach $1bn

Manchester Underwriting appoints Munich Re exec as claims manager

Don't miss our insurtech email newsletter - sign up today