Neon Launches Marine & Offshore Construction Consortium – Insurance Journal

Specialist Lloyds underwriter Neon has launched a Marine and Offshore Construction Consortium.

Seeking to address the increasingly tailored insurance needs of shipyard clients, the Neon led-consortium offers $70 million capacity for shipyard construction and $55 million for rig construction, said the London-based Neon.

The consortium is underwritten by Neons Mireille Dolonenwith capacity sourced from a range of Lloyds syndicates.

Neon said its underwriting approach will be underpinned by enhanced information gathering to anticipate and understand the new risks that shipyards face.

Recognizing the importance of cooperation between underwriters, brokers and clients in addressing emerging risks, the new consortium will foster stronger communication between the broker community and insurers in order to help clients better understand their needs and facilitate tailored risk solutions, said Neon in a statement.

Such communication takes the form of extensive consultation with clients, risk managers, CFOs and financiers to map and understand new risks affecting the sector, Neon explained.

The consortium will also seek to exchange knowledge with the wider market through the launch of an annual Broker Marine and Offshore Construction Conference and the introduction of a Marine and Offshore Construction course for young talent at Lloyds.

Underwriters in London can no longer afford to sit back and expect business to come to them when macroeconomic conditions, product lines, strategic, financial and operational risks are all changing and shaping the insurance needs of shipyards, said Angus Wilson, head of Marine at Neon.

He went on to say that the launch of this consortium demonstrates Neons ambition to become one of the leading providers of marine insurance in the London market.

Source: Neon

Related:

Neon Names Dolonen as Marine& Offshore Construction U/W

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Neon Launches Marine & Offshore Construction Consortium - Insurance Journal