Specialist Lloyd’s insurer Neon Underwriting plans to bed down its recently launched ventures in Scandinavia and Italy before embarking on further acquisitions or launches, IMN has been told.
Angus Wilson, head of Marine at Neon, which operates Syndicate 2468 at Lloyd’s, told IMN that Copenhagen-based Orca Insurance Agency was in the process of build-out and that the recently-launched Genoa-based Neon Italy was progressing well. He said that one reason for the moves was to get better access to the business. “I think the days when you could rely on brokers in London just showing up with the business has gone. There’s a lot of competition out there. For us it was more trying to get better access to the business, to start increasing the size of those portfolios by having local expertise and local contacts. I think the market sometimes looks at business too much in the sense of expecting everything to come over to London – but it’s a very international market”.
For the moment there were no new expansion plans. Looking ahead to the rest of 2018 and 2019, Wilson said that “we have been in such a tough trading environment, and we need to do our utmost to make sure that collectively we look to maintain a sustainable market. It’s going to be no good to anyone if we don’t have a sustainable market, with sustainable rates. That’s important for the clients. So, when we are trying to achieve rate and we are told ‘other people aren’t doing it’, well, that’s fine. But we need to do what we need to do in order to try to achieve a viable market”.
Full interview can be read on the Insurance Marine News web site.