Insight and Intelligence on the London & International Insurance Markets 22 Jan 2018
Neon confirms $72mn UK ILS vehicle
- 3 January 2018
Lloyd's insurer Neon confirmed it had established the first UK-based reinsurance sidecar, NCM Re, as it raised $72mn of capital for the vehicle.
Neon confirmed that the funds were all third-party capital, as the total came in above a previously reported $60mn target.
The deal was the first insurance-linked securities (ILS) structure to be approved under the UK's new ILS legislation.
NCM Re will provide collateralised quota share reinsurance cover for a portion of Syndicate 2468's property treaty and direct...
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