CFC announces senior management changes following the completion of an investigation by Lloyd’s into allegations of non-financial misconduct at the company, without disclosing the details of the probe or any allegations made.
CFC co-founders David Walsh and Graeme Newman are quitting the London managing general agent (MGA) business in response to a non-financial misconduct investigation conducted by Lloyd’s.
Group CEO Walsh departs in January 2024 and CFC Underwriting CEO Newman will be leaving the business in April 2024, the company said.
The content of the Lloyd’s investigation or specific allegations have not been published.
David Walsh will be succeeded as Group CEO by Louise O’Shea, subject to regulatory approval.
O’Shea was CEO of Confused.com, a personal lines insurance quote comparison site, until March 2023, and previously served as an independent non-executive director at CFC.
“CFC acknowledges 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 company will also be appointing a new chief people officer,” a company statement read.
Since its founding in 1999, CFC has established itself as a cyber insurance provider, among other risks, employing 850 people in six offices around the world.
Andy Holmes will be promoted to the role of CEO of CFC Underwriting, the company said, subject to FCA approval, from his previous position of chief underwriting officer (CUO).
Holmes will be supported by Dan Trueman, who joins CFC as CUO on 1 January 2024.
Before joining CFC, Holmes wrote liability business first for Marlborough Underwriting Agency and later Argenta Syndicate Management.
Trueman previously served as global head of cyber at Axis Insurance for the past six years.
Before that was head of cyber at Novae and was later promoted to chief innovation officer at the firm. He was also active underwriter for enterprise risk at Tokio Marine Kiln from 2000 to 2011.