The Bermuda office of London-based re/insurance specialist Neon is to remain open for at least another four months, a spokesperson said.

“Neon is keeping an office open until at least June as it manages an orderly run off,” she said.

It was announced in November that the office was due to close because of the company’s decision to exit the property treaty reinsurance space due to a lack of sustainable and appropriate returns.

While the office remains open, no more new business is being entertained.

Neon, which opened a Bermuda office in 2016, is a member of Great American Insurance Group, which runs the insurance operations of parent American Financial Group.