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Lloyd's firm Neon applies for $60M UK insurance-linked securities transaction

Lloyd's of London insurer Neon Underwriting Ltd. has applied to carry out a $60 million U.K. insurance-linked securities transaction, the first of its kind, Reinsurance Magazine reported Dec. 4, citing sources.

The American Financial Group Inc. unit is seeking approval from the U.K. Prudential Regulation Authority to establish an insurance special purpose vehicle that would securitize about $60 million of property catastrophe business, which could be in place in time for the Jan. 1 renewals, the report noted.