AMERICAN FINANCIAL AGREES SALE OF NEON AND EXITS LLOYD’S

American Financial Group (AFG) has agreed to sell Lloyd’s managing agent Neon to RiverStone. Cincinnati-based AFG has reached a definitive agreement to sell GAI Holding Bermuda, the holding company for Neon, to the UK legacy specialist. Upon closing, AFG expects to release all of its funds at Lloyd’s and complete its exit from the Lloyd’s market. The transaction is expected to close in the fourth quarter of 2020. In January 2020 AFG placed Neon into run-off. At the time, AFG said that Neon had failed to hit performance targets and was unlikely to meet return expectations in the future. AFG acquired Neon, then known as Marketform, in 2008.