Neon launches marine, offshore construction consortium

Initiative seeks to address the increasingly bespoke insurance needs of clients

Neon launches marine, offshore construction consortium


By Louie Bacani

Neon has launched a new marine and offshore construction consortium that seeks to address the increasingly bespoke insurance needs of shipyard clients.
The consortium, which went live in February, is underwritten by Neon’s Mireille Dolonen and offers US$70 million capacity – coming from a range of Lloyd’s syndicates – for shipyard construction and US$55 million for rig construction.
The insurer said its underwriting approach will be supported by enhanced information-gathering to anticipate and understand the new risks that shipyards face.

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“Underwriters in London can no longer afford to sit back and expect business to come to them when macroeconomic conditions, product lines, strategic, financial and operational risks are all changing and shaping the insurance needs of shipyards,” said Angus Wilson, Neon’s head of marine.
Neon said the new consortium will foster stronger communication between the broker community and insurers to help clients better understand their needs and facilitate tailored risk solutions. This will include extensive consultation with clients, risk managers, CFOs and financiers to map and understand new risks.
The consortium will also exchange knowledge with the wider market through the launch of an annual broker marine and offshore construction conference. A course on marine and offshore construction for young Lloyd’s talents will also be introduced.
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