There is a new MGA on the block – and this one has a firm reinsurance focus.
Chord Re has been officially launched as a new underwriting venture with a reinsurance focus. The firm is headed by former head of
Aspen Re London Stefan Long, and expects to structure programmes across a host of specialist classes while initially underwriting on behalf of Neon Syndicate 2468.
“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,” commented CEO Long. “We believe that the knowledge, experience and relationships of the team at Chord Re, aligned to the support of Neon, creates a compelling proposition and we look forward to offering an attractive new source of capacity to the market.”
The firm began operating on November 06 and will start quoting for risks incepting from January 01, 2018, having already receiving approval as a Lloyd’s coverholder. Its core focus is set to be on a range of specialty lines including marine, nuclear, cyber, aviation and engineering.
There will be a host of big names joining the firm too – alongside Long will be chief underwriting officer Tom Meyer, John Cavanagh who will join as non-executive chairman when he retires from Willis Re at the end of the year, and a team of assistant underwriters who will work closely with Neon’s chief underwriting officer and active underwriter Darren Lednor.
Chord Re is a joint venture between Neon, Beat Capital and Chord Re’s management team, who are said to have long-term ambitions to transition Chord Re into a fully integrated reinsurance carrier.
“We are excited about the launch of Chord Re and its world-class underwriting talent,” commented Martin Reith, Neon Group chief executive. “Recent industry losses have resulted in some market dislocation and the team will differentiate itself by offering substantial expertise, leadership and creativity to structure solutions for clients.
“Neon’s momentum continues to build as our platform attracts yet more of the market’s sharpest entrepreneurial minds. Chord Re provides further demonstration of our ambitions to build a high-quality underwriting portfolio.”
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