The Group Chief Executive Officer of London-headquartered re/insurance specialist Neon, Martin Reith, will be stepping down from the role on September 30.
He will remain on the board of Neon’s Lloyd’s Managing Agency, Neon Underwriting Limited (NUL) and work to ensure an effective transition while advising management on other strategic matters.
“I am incredibly proud of what Neon has achieved in such a short space of time. The Neon management team has worked tirelessly to evolve Neon into a meaningful and respected position within the Lloyd’s Market,” said Reith.
“It has been a pleasure to see the Neon brand evolve and gain relevance, and with the hard yards behind us, I wish Theo and all at Neon continued success as they maximize opportunities now arising from a more disciplined market. As I step back from the day-to-day, I look forward to continuing to support Neon as a non-executive director.”
Theo Butt, CEO of NUL, will succeed Reith as a Director on the board of Neon Capital, the parent holding company for Neon.
Jeff Consolino, Executive Vice President, Chief Financial Officer and Director of AFG, will continue to serve as Chairman of NCL and NUL.
“After remaking Neon’s brand and recruiting top talent over the past four years, Martin has announced his intention to step aside from day-to-day operations and continue to work as a non-executive director of Neon to assist in completing its journey toward becoming a top quartile Lloyd’s business,” added Consolino.
“We are grateful for Martin’s leadership and his contributions that have positioned Neon for future success and profitable contributions to AFG.”