American Financial Group, Inc. ("AFG") has announced that Martin Reith has shared his intention to resign his executive roles with Neon, including stepping down as group chief executive officer of Neon, effective September 30, 2019.
AFG, an insurance holding company based in Cincinnati, Ohio, said that Mr. Reith will remain a member of the board of directors of Neon Underwriting Ltd. ("NUL"). In his role as non-executive director of NUL, AFG added, Mr. Reith would continue to work with the Neon management team and AFG to ensure an effective transition, and would advise the management team on other strategic matters.
AFG said that, in conjunction with this transition, Theo Butt, chief executive officer of NUL, would succeed Mr. Reith as a director on the board of Neon Capital Ltd. ("NCL"), the parent holding company for Neon. Jeff Consolino, executive vice president, chief financial officer, and director of AFG, will continue to serve as chair of NCL and NUL.
Mr. Consolino stated, "After remaking Neon's brand and recruiting top talent over the past four years, Martin has announced his intention to step aside from day-to-day operations and continue to work as a non-executive director of Neon to assist in completing its journey toward becoming a top quartile Lloyd's business. We are grateful for Martin's leadership and his contributions that have positioned Neon for future success and profitable contributions to AFG."
Mr. Reith said, "I am incredibly proud of what Neon has achieved in such a short space of time. The Neon management team has worked tirelessly to evolve Neon into a meaningful and respected position within the Lloyd's market. It has been a pleasure to see the Neon brand evolve and gain relevance, and with the hard yards behind us, I wish Theo and all at Neon continued success as they maximize opportunities now arising from a more disciplined market. As I step back from the day-to-day, I look forward to continuing to support Neon as a non-executive director."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].