ICAT Partners with Neon to Provide Additional Catastrophe Capacity

Partnership will allow ICAT to write additional per-risk cat capacity in the U.S. E&S market

BROOMFIELD, Colo.--(BUSINESS WIRE)-- ICAT has teamed up with Neon, the specialist Lloyd’s insurer, to provide an additional $10 million of per-risk capacity to catastrophe-exposed commercial properties in the United States. The partnership expands ICAT’s per-risk catastrophe capacity up to $150 million.

ICAT’s partnership with Neon, along with ICAT’s comprehensive coverage, best-in-class service, industry-leading expertise and innovative product solutions, demonstrates ICAT’s commitment to continual service and product enhancements for their agents, brokers and insureds.

ICAT is able to deliver stable capacity with a broad underwriting appetite for catastrophe-exposed residential and commercial needs through ICAT Syndicate 4242, a syndicate at Lloyd’s of London, and a diverse line-up of strong carrier partners. ICAT is committed to uniting with strong carrier partners in the industry in order to uphold the commitment to serving more customers.

Chris Fisher, Head of Direct and Facultative Property, Neon commented: “We are pleased to partner with ICAT, an organization that shares our disciplined underwriting philosophy and forward thinking view on risk management. The partnership allows ICAT to consistently offer higher full limits on a single policy, and will enable Neon to grow our presence in the U.S. marketplace.”

Ashleigh Cashman, ICAT Underwriting Senior Vice President added: “Working with Neon allows us to bring together two like-minded organizations focused on innovative and specialized risk solutions. We look forward to growing our relationship with Neon while solving the catastrophe property coverage needs of our middle market customers.”

Notes to Editors

About ICAT: ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents and wholesale brokers.

ICAT is an underwriter at Lloyd’s of London through ICAT Syndicate 4242, rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The ICAT Syndicate 4242 has been a top performer in the Lloyd’s market over its nine years of underwriting at Lloyd’s. The company also underwrites on behalf of other U.S.-based insurance companies and other syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 12,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac and Sandy. For more information, visit www.icat.com.

About Neon: Neon is a dynamic, global insurer operating in the specialist Lloyd’s market, committed to offering innovative risk solutions and proactively creating bespoke coverage for its clients.

Neon is highly experienced in underwriting a diverse range of property, specialty, casualty and marine risks on a direct and reinsurance basis, as well as through delegated authorities. Neon is headquartered in Gracechurch Street, London, UK. Neon was formerly known as Marketform. The registered company name for the main regulated entity is Neon Underwriting Limited.

Neon is a member of Great American Insurance Group. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (NYSE:AFG) an insurance holding company, based in Cincinnati, Ohio with assets of approximately US$50 billion.

For more information, please visit www.neonuw.com, @Neon_UW, https://www.linkedin.com/company/neonuw/.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160725006103/en/

ICAT

Kristen Coffel, 303-327-2437

Director of Marketing

[email protected]

or

Neon

FTI Consulting

Ed Berry / Tom Blackwell
+44 (0)203 727 1046/1051

[email protected]

Source: ICAT