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Neon renews UK ILS property deal using NCM Re

January 08, 2019

London-headquartered specialty insurer Neon has successfully renewed its NCM Re sidecar.

The renewal comes a year on from its launch as the UK’s first ILS vehicle to utilise regulations which was passed in 2017.

The deal marks the first reinsurance renewal under the UK’s nascent regulatory regime for alternative capital investment in the reinsurance sector.

The transaction, which was launched on 1 January 2019, is a $77mn collateralised quota share of Neon Syndicate 2468’s property treaty reinsurance and direct and facultative portfolios.

Mark Gibson, alternative capital director at Neon, commented: “We are delighted with the continued support from existing investors and that new investors enabled us to increase the size of the transaction this year. This is quite an achievement given ILS market conditions and we are pleased to have sponsored the first renewal transaction under the UK regime, facilitated by early engagement with the Prudential Regulation Authority.”