Official CFC statement:
Louise O’Shea appointed CFC CEO following Lloyd’s non-financial misconduct investigation
Following the completion of an investigation by Lloyd’s into allegations of non-financial misconduct at the company, specialist insurance provider CFC announces a series of management changes.
In January 2024, David Walsh (Group CEO) will leave the business and Graeme Newman will step down as CEO of CFC Underwriting. Graeme will be leaving the business in April 2024.
David Walsh will be succeeded as Group CEO by Louise O’Shea, subject to FCA approval. Louise was previously an Independent Non-Executive Director at CFC and was CEO of Confused.com until March 2023. Andy Holmes will be promoted to the role of CEO of CFC Underwriting, subject to FCA approval, from his previous position of Chief Underwriting Officer. Andy has served in the business for over 20 years and will be supported by Dan Trueman, who joins CFC as CUO on 1 January 2024 after previously serving as Global Head of Cyber at AXIS Insurance.
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.
Since its founding in 1999, CFC has established itself as a global leader in cyber insurance and provider of cover for a diverse range of risks, employing 850 people in six offices around the world. The company looks forward to continuing to pioneer innovation in the industry and providing best-in-class solutions for its customers and partners.
About Louise O’Shea
Louise O’Shea has been an independent Non-Executive Director of CFC since March 2021. Until recently she was Chief Executive of Confused.com, an insurance comparison platform, and was previously a senior executive at Admiral Group. She also served as Chair of FinTech Wales.
About Andy Holmes
Andy has worked at CFC for 20 years. Before joining the MGA, he wrote liability business first for Marlborough Underwriting Agency and later Argenta Syndicate Management.
About Dan Trueman
Dan Trueman ran AXIS’s cyber unit for almost 6 years and was formerly 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.