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Neon establishes Italian marine joint venture

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London-based Neon Underwriting Ltd. said Friday that it is launching an underwriting operation in Italy with Cambiaso Risso, an Italian marine broker that will have a minority shareholding in the venture.

Based in Genoa, Neon Italy will offer risk capacity to clients, initially targeting hull and cargo business placed locally. A company spokesman declined to say what capacity Neon Italy would be offering.

Neon Italy will be led by Sergio Revello, who has experience in the international marine sector, 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.

Neon Italy intends to start writing business from Jan. 1, subject to approval. It will be regulated by the Institute for the Supervision of Insurance, the Italian insurance supervisory authority, and become a Lloyd’s approved coverholder writing on behalf of Neon’s syndicate 2468.