CFC Underwriting is aiming to shake things up in the financial institutions market, tapping former Newline Group financial lines head Neil Beaton to lead a new practice.
Beaton will be tasked with building a new team within the specialist lines underwriting agency whose focus will be to develop an array of products for financial institutions. The key hire has extensive experience in insuring financial institutions across a range of jurisdictions.
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“The look and feel of financial institutions is changing as they utilise more and more technology in their core operations,” explained CFC chief underwriting officer (CUO) Andrew Holmes. “This evolution presents financial institutions with a new range of exposures which we believe the insurance market is not adequately addressing, whether that is a product designed for the new breed of fintech (financial technology) companies or a crime proposition which properly caters for the way crime against financial institutions is committed in 2017.”
Holmes added: “Neil is regarded in the London Market as a highly experienced financial institutions underwriter with a track record of sourcing and writing profitable business. I am delighted that we have attracted someone of his stature and skill set to create a suite of modern, market-leading products that will challenge the status quo of the financial institutions market.”
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The CUO said they believe there exists an “exciting opportunity” to provide the market a relevant product set.
