US Investor Announces Exit From Lloyd's of London Business
Law360, London (January 7, 2020, 11:28 AM GMT) -- Neon Underwriting has become the latest Lloyd’s of London insurer to close its doors to new business, after parent company American Financial Group said it is pulling out of its investments in the 330-year-old specialist insurance market.
Cincinnati-based American Financial Group said on Monday that neither Neon nor its predecessor Marketform have met profit targets since it acquired the business in 2008. Neon has been placed into run-off, meaning it will continue to operate and pay claims but will not take on additional customers.
A combination of high operating costs and low returns has meant that many smaller syndicates have struggled to...
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