Global specialty insurer Neon has announced the promotion of Theo Butt to chief executive officer (CEO) of Neon Underwriting Limited (NUL), a Lloyd’s managing agency.
Butt joined Neon Holdings Limited (Neon Holdings) as group underwriting director in 2018. In his new role, he will continue to report to Martin Reith, who keeps his position as group chief executive and a director of NUL. Before joining Neon, Butt was head of non-marine at Ascot Underwriting, and he also held various roles at Marsh and JLT.
NUL has also announced the promotion of Matthew Washington to managing director in addition to his role as group chief operating officer. Both promotions have immediate effect, subject to Lloyd’s and PRA approval.
Washington joined Neon in 2015, after spending nearly a decade in a range of executive positions at Ascot Underwriting and CV Starr. He succeeds Ian Martin, who is stepping down from the managing director role to join the Neon Holdings board in a non-executive capacity.
Neon’s flurry of promotions also includes the appointments of Deepon Sen Gupta as group chief strategy officer (a promotion from corporate strategy director), and Caroline Andrew as chief administration officer (a promotion from head of human relations). Both Sen Gupta and Andrew have joined the Neon Holdings board.
“The appointments announced today reflect both the achievements of the talented team within our Lloyd’s business and our determination to drive profitable growth,” said Neon’s group CEO Martin Reith.
“I congratulate Theo, Matt, Deepon and Caroline whose new roles are well deserved and I would like to thank Ian Martin for his significant role in Neon’s transformation. His efforts have been crucial to our success to date and I welcome him to the Neon Holdings board where we will continue to benefit from his wisdom and experience. I am excited about Neon’s future and pleased to have a strong core group of leaders to execute our strategy.”