CFC group CEO Dave Walsh (pictured above) and CFC CEO Graeme Newman (pictured below) will exit the insurance managing general agent (MGA) following a completed Lloyd’s investigation into allegations of non-financial misconduct at the business.
“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 MGA said in the statement.
Walsh is set to leave the business in January 2024, with Newman to follow in April.
Walsh will be succeeded as CFC group CEO by Louise O’Shea, with the appointment subject to regulatory approval. O’Shea was previously a non-executive director (NED) at CFC and served as CEO of Confused.com until March of this year.
Andy Holmes, CFC chief underwriting officer, will be promoted to the CFC CEO role. Holmes has been with the business for more than 20 years.
Dan Trueman, formerly AXIS Insurance global head of cyber, will join as CFC CUO from 1 January 2024.
CFC also plans to appoint a new chief people officer, the business said.
“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 MGA said in the statement. “The company will also be appointing a new Chief People Officer.
Best known for its cyber insurance offering, MGA CFC, previously referred to as CFC Underwriting, was established in 1999 under the Click For Cover brand.
In both 2013 and 2018, the business was recognised with an Award for Enterprise in the International Trade category.
Climate, digital assets and artificial intelligence have all been recent areas of focus for the firm, departing CEO Newman told Insurance Business in October.
CFC has more than 800 employees in five global offices.
The business handles $1.5 billion in premium and has consistently grown at a rate of around 20% to 30% annually.
CFC is recognized as the Top Professional Liability Insurance and D&O Insurance Companies in Canada. Read more here.
Exits at MGA CFC follow an investigation by Lloyd’s into non-financial misconduct at the firm.
The insurance marketplace has form for levelling costly penalties in cases of non-financial misconduct, having fined Atrium more than £1 million in 2022.
Among three charges, Atrium was found to have allowed an annual boys’ night out event, in which some members of staff engaged in drinking games and made “inappropriate and sexualised comments” about female members of staff.
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