Former cyber head at Axis, Dan Trueman joins CFC as chief underwriter after the London market MGA announced management changes after a Lloyd’s investigation into undisclosed allegations of non-financial misconduct.
Dan Trueman has taken up the reins as CFC’s chief underwriting officer (CUO), as of the start of this year.
CFC is a player in the cyber insurance market, and Trueman previously served as global head of cyber at Axis Insurance.
Previous CUO Andy Holmes assumes the role of CEO of underwriting, the company previously announced, pending regulatory approval.
“Dan’s expertise in innovation will add huge value to our business going forward. Innovation is in our DNA and runs through every class of business and every product we write,” Holmes said.
“I have no doubt that he will play a pivotal role in helping CFC identify new niche areas where we can add value and work with our underwriters to ensure we write profitable and sustainable business,” said Holmes.
“Dan has also been a key figure in cyber for many years and his experience in this sector will clearly prove invaluable given our position as one of the world’s leading cyber markets,” he added.
Trueman held his previous cyber role at Axis for more than six years following its 2017 acquisition of Lloyd’s carrier Novae, where he had served as chief innovation officer.
He was also active underwriter for enterprise risk at Tokio Marine Kiln from 2000 to 2011.
“I am thrilled to be joining CFC and to work with such an exciting leadership team,” Trueman said.
“It is recognised as a leading speciality underwriting business that’s consistently responding to the changing risk climate through its innovative products and approach.
“As well-respected pioneers in emerging risk, I’m also looking forward to collaborating with CFC’s experienced and talented teams as we continue its impressive growth journey,” he added.
CFC co-founders David Walsh and Graeme Newman previously quit CFC in response to a non-financial misconduct investigation conducted by Lloyd’s.
Group CEO Walsh departs this month and CFC Underwriting CEO Newman leaves in April 2024, the company has previously 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.