Lloyd’s of London-based insurer Neon has opened a new office in Bermuda.

And the firm aims to expand its on-island two-strong team as it targets the US market.

Neon has recruited Bermudian Chris Fisher, an underwriter with 25 years of experience in the insurance industry in Bermuda, Britain and the US, to head up the Bermuda operation. He was previously chief underwriting officer of insurance for Ariel Re in Bermuda.

Mr Fisher said: “I’m delighted to be joining Neon to open and head its new Bermuda office.

“We believe that the existing expertise of Neon’s Lloyd’s syndicate, in conjunction with the strong Lloyd’s financial rating and our stated goal of building upon our local underwriting talent, means that we will be able to offer a compelling and relevant proposition to this strategically important market.”

Mr Fisher’s office, in Victoria Street, will write direct and facultative property insurance on a global basis as an approved cover holder for Lloyd’s Syndicate 2468.

Business will be considered on a primary quota share and excess of loss basis with critical catastrophe line sizes up to $10 million and fire capacity up to $25 million.

Martin Reith, CEO of Neon, said: “Opening the Bermuda office is a strong statement of our intent to expand Neon’s international presence and grow the business.

“In Chris, we have a highly regarded local underwriter with strong relationships on the island as well as in the US.

“We have bold ambitions to grow our Bermuda platform and anticipate adding both personnel and product lines in the near future.”

Mr Reith added: “More broadly, opening in Bermuda, which follows the completion of our strategic review, is a further sign of the momentum within Neon as we continue to make encouraging progress with the strategic turnaround of the business.

“It’s an exciting time for the group and we look forward to updating the market with further news demonstrating this positive trajectory.”

And Mr Reith said: “We think it’s a great outpost for us as we continue to build our new branded company name.

“Given the significance of the Bermuda market in the global insurance and reinsurance stage, it seems to be a logical next step for us.”

Mr Fisher has also previously worked for Ace, now known as Chubb, in various senior underwriting and executive roles, and he started his career at BF&M.