Neon today announced it is launching Orca Insurance Agency, a Lloyd’s approved coverholder which will underwrite on behalf of Lloyd’s Neon Syndicate 2468, a subsidiary of Great American Insurance Group.
Headquartered in Copenhagen and led by CEO, Lars Hendriksen, Orca will focus on the Nordic markets, offering comprehensive marine risk solutions. This includes offering insurance products, as well as risk consultancy and engineering services for the shipping industry.
The launch follows the resignation of all employees of the Copenhagen office of Denmark and Finland-based shipping and energy insurer Lavaretus Underwriting AB in November 2017. Lavaretus Underwriting is a subsidiary of Jardine Lloyd Thompson which was established in 2010, with the Danish office being launched in 2013. Lavaretus is a Lloyd’s coverholder that is registered in Sweden, but operates from Copenhagen and Helsinki. Oversight of Lavaretus operations has been passed to the Helsinki office.
Neon with Beat Capital has launched MGA Chord Re in London. It also linked with Cambiaso Risso to launch Neon Italy. Both of these are approved coverholders for Lloyd’s syndicate 2468.
In Italy Neon is targeting Hull and Cargo business placed locally. Neon Italy is 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. The board of directors includes Neon’s Group Chief Executive, Martin Reith and Mauro Iguera, CEO of Cambiaso Risso.
Martin Reith, Neon Group Chief Executive and Chairman of Orca said:
“It is a pleasure to announce the launch of our Nordic venture, Orca. Copenhagen is an excellent base to build out our marine capabilities and establishing a significant presence here is core to our growth aspirations. Orca will not be just another marine business, however. The team shares Neon’s philosophy and commitment to a technical approach, based on considerable experience and expertise. The combination of this and their relationships in the local market – and ability to offer both underwriting and risk consultancy – represents a unique client proposition.”
“This will be further complemented by Neon’s entrepreneurial and innovative approach and, over the coming years, we anticipate adding new classes and underwriting teams to the Orca platform, as Neon continues its international growth.”
Lars Hendriksen said:
“The Orca team is excited to launch as part of the Neon Group. We believe we have a compelling and differentiated client offering, underpinned by a blend of technical knowledge and strong risk selection.”