Neon has launched an underwriting operation in Italy with Cambiaso Risso, who will have a minority shareholding in the venture.

Based out of Genoa, Neon Italy will offer meaningful risk capacity to clients, initially targeting Hull and Cargo business placed locally.

The venture will develop Neon’s marine portfolio, combining its innovative approach to risk solutions with Cambiaso Risso’s global network of relationships and specialist technical expertise developed over its 70-year history.

Neon Italy will be led by Sergio Revello, who has extensive experience in the international marine sector across both broking and underwriting roles, including on behalf of Lloyd’s syndicates.

The board of directors includes Neon’s Group Chief Executive, Martin Reith and Mauro Iguera, CEO of Cambiaso Risso.

Intending to start writing business from 1st January 2018, Neon Italy will, subject to approval, be regulated by IVASS and become a Lloyd’s approved coverholder writing on behalf of Neon’s syndicate 2468.