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Neon chief strategy officer Sen Gupta resigns

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Neon group chief strategy officer Deepon Sen Gupta has resigned from the company, The Insurance Insider has learned.  

Sen Gupta joined Neon in 2015, initially as corporate strategy director before being appointed group chief strategy officer in December last year.  

Prior to Neon he worked at Macquarie for six years, according to his LinkedIn profile. His next destination is yet to be determined, according to sources.  

The resignation comes after Neon parent American Financial Group (AFG) dropped a protracted sales process for the Lloyd’s business.  

Sen Gupta sits on the Neon executive committee and is a board member of Neon Holdings. 

The executive was involved in the launch of Neon’s sidecar, the first vehicle established under the UK ILS framework. He also worked on initiatives including the two Lloyd’s legacy transactions and the launch of a raft of MGAs. 

Sen Gupta also played a role in the foundation of venture capital firm and incubator Beat Capital, and continues to sit on the firm’s board. 

An internal company announcement from CEO Martin Reith, seen by this publication, said: “Deepon has been an instrumental member of the executive team over the last three and a half years and has played a significant role in transforming Neon into the vibrant, innovative business that it is today.

“I would like to express my gratitude for everything he has done since joining and I truly appreciate his sheer dedication to raising Neon’s market standing."

AFG first launched efforts to divest Neon, ideally via a management buyout, in September last year, with Macquarie retained to advise. 

That autumn it then paused the process, which had until that point been restricted to financial bidders, as it wrestled with the Lloyd’s performance gap process. 

AFG had been in talks with private equity house Madison Dearborn Partners, but ended discussions in June after it was unable to secure an offer which it felt reflected the true value of Neon.  

In an all-staff communication outlining the decision, Reith and AFG CFO Jeff Consolino highlighted the improving rating environment and Lloyd’s strategic overhaul as positives for Neon going forward.  

“The headwinds we have experienced in recent months have switched to tailwinds and Neon has the ambition, agility and drive to make the most of this,” the two executives said in their missive. 

Neon declined to comment. 

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