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MGA starts writing for Neon syndicate

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Managing general agency Chord Re on Tuesday said it will begin underwriting reinsurance on behalf of Neon Syndicate 2468 on Jan. 1.

The Lloyd’s of London coverholder, established Nov. 6 by former Aspen Re executive Stefan Long, is a joint venture between Neon Underwriting Ltd., Beat Capital and Chord Re’s management team, the company said in a statement.

John Cavanagh will join Chord Re as nonexecutive chairman upon his retirement from Willis Re Inc. at the end of 2017, the company said in a statement. 

In addition to Mr. Long, the Chord Re management team will include Tom Meyer as chief underwriting officer, as well as underwriters Chris Schmidt, Ed Wheatley and Marc Brendle, along with two assistant underwriters, who will all work with Neon’s chief underwriting officer and active underwriter, Darren Lednor.

Chord Re’s core focus for the first year will be specialty-focused reinsurance lines, including marine and marine composite, property, engineering, aviation and space, terrorism, nuclear and cyber, according to the statement.

“We intend to build a market-leading reinsurance business, differentiated by product expertise, with a balanced portfolio that combines quantitative analysis with experienced judgement to provide clients with innovative tailored solutions,” Mr. Long, CEO of Chord Re, said in the statement.