CFC Group CEO Dave Walsh and CFC CEO Graeme Newman are to leave the insurance managing general agent (MGA) following the conclusion of a Lloyd’s investigation into allegations of non-financial misconduct at the company.
“CFC acknowledges that there have been failings and is taking a number of steps to strengthen its policies and procedures and to invest further in its culture and people,” the MGA said in the statement.
Walsh is due to leave the company in January 2024, with Newman to follow in April.
CFC CEO Newman and Group CEO Walsh to depart as O’Shea and Holmes step up
Walsh will be succeeded as CFC Group CEO by Louise O’Shea, whose appointment is subject to regulatory approval. O’Shea was previously a non-executive director (NED) at CFC and was CEO of Confused.com until March this year.
Andy Holmes, CFC’s Chief Underwriting Officer, will be promoted to the role of CEO of CFC. Holmes has been with the company for over 20 years.
Dan Trueman, formerly Global Head of Cyber at AXIS Insurance, will join CFC as CUO from 1 January 2024.
CFC also plans to appoint a new chief people officer, the company said.
“CFC recognises that there have been failings and is taking a number of steps to strengthen its policies and procedures and further invest in its culture and people,” the MGA said in the statement. “The company will also appoint a new chief people officer.
What is CFC?
Best known for its cyber insurance offering, MGA CFC, formerly known as CFC Underwriting, was established in 1999 under the Click For Cover brand.
In both 2013 and 2018, the company was recognised with an Award for Enterprise in the International Trade category.
Climate, digital assets and artificial intelligence have been recent areas of focus for the company, outgoing CEO Newman told Insurance Business in October.
CFC employs more than 800 people in five offices around the world.
It handles $1.5bn of premium and has consistently grown at a rate of around 20% to 30% a year.
CFC changes follow Lloyd’s investigation into non-financial misconduct
Exits at MGA CFC follow a Lloyd’s investigation into non-financial misconduct at the company.
The insurance market has a form of levying costly penalties in cases of non-financial misconduct, having fined Atrium more than £1m in 2022.
Among three allegations, Atrium was found to have allowed an annual boys’ night out at which some employees engaged in drinking games and made “inappropriate and sexualised comments” about female employees.
