Lloyd’s of London insurer Neon is saying goodbye to property treaty reinsurance.
“With the significant hardening of retro pricing exceeding the pricing expectations of the inwards reinsurance business and to keep within the constraints of our risk appetite we, along with our parent, AFG (American Financial Group), do not believe that the property treaty class of business can provide a sustainable and appropriate risk/reward balance for Neon,” explained the firm, as quoted by an Artemis report.
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