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Neon's insurance-linked securities vehicle enters $77M quota share

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Neon's insurance-linked securities vehicle enters $77M quota share

London-based Neon Underwriting Ltd.'s insurance-linked securities vehicle, NCM Re, entered into a $77 million collateralized quota share.

The transaction relates to Lloyd's of London Syndicate 2468's property treaty reinsurance and direct and facultative portfolios. The transaction, which launched Jan. 1, was touted as the first reinsurance renewal under the U.K.'s regulatory regime for alternative capital investment in the reinsurance sector.

NCM Re was the first U.K.-domiciled protected cell company to utilize the U.K.'s insurance-linked security regulations, which were passed in late 2017. Its first quota share deal was for $72 million.