Marketform Group has a new name as CEO Martin Reith looks to rejuvenate the business.
Now known as Neon, derived from the Greek word for ‘new’, the relaunch has coincided with the completion of a strategic review of the company.
Reith said the business is now ready to reposition itself in the market.
“The fact that we’re happy to rebrand today I think speak volumes for the fact that we’re delighted with what we’ve achieved to date,” he remarked. “We’re delighted with the changes that have been made. I’m not suggesting for a second that we’re done yet, there’s more that we need to do, but we’re excited to tell the world that this place is changing quite dramatically and we’re putting our brand and name to it now.”
The business has shifted away from the lines that dogged it in the past, such as medical liability and medical malpractice. While it is still dealing with some of its legacy lines, Reith said Neon’s owner American Financial Group has been extremely supportive throughout the process of redeveloping the business.
“I hit the ground running here,” he said. “There’s been massive change here over the past few months, but it was change, unfortunately, that was absolutely necessary. We were fighting for survival.”
Neon has also undergone a thorough review of all its underwriting, introduced new lines, hired new talent and now now boasts a much more balanced portfolio. Reith also said Neon has outsourced its claims function and reduced its costs, including a headcount reduction.
One of its new lines is casualty underwriting, an area Reith has considerable experience in thanks to his previous company, Ascot Underwriting. Reith said that while catastrophe underwriting is a challenging field at the moment, a partnership with catastrophe risk modelling firm RMS will help balance their portfolio.
With the complete rebranding, Neon is committed to becoming a leading specialist Lloyds’s insurer.
“We’re hungry, we’re committed to giving great service, we’ll be very creative, we’ve got great capital,” said Reith. “Our key goal is to be a market that’s relevant and on our brokers’ radars, and become a market, I hope, that people ignore at their peril frankly.”
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