Two CEOs of specialist insurer set to leave after investigation by Lloyd’s

The CEO of specialist insurance CFC Group and the CEO of CFC Underwriting are set to leave the business after an investigation by Lloyd’s into allegations of non-financial misconduct.

David Walsh founded cyber liability specialist CFC over 24 years ago and has served as the group CEO. Meanwhile, Graeme Newman has served as CEO of CFC Underwriting since August 2021 but was previously its chief innovation officer for over 13 years.

Following the completion of an investigation by Lloyd’s into allegations of non-financial misconduct at the company, CFC announced that Walsh will leave the business in January and Newman will leave in April 2024. The insurance company is backed by Lloyd’s of London.

In a statement, CFC said that it 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 said it will also be appointing a new chief people officer.

Louise O’Shea has been appointed as the group’s new CEO, the position is subject to FCA approval. She was an independent non-executive director at CFC. Until March, she was the CEO of Confused.com for over five years

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. He has been in the business for over 20 years and will be supported by Dan Trueman, who joins CFC as CUO in January, after previously serving as global head of cyber at AXIS Insurance.

A Lloyd’s spokesperson told City AM: “While we wouldn’t comment on the specifics of the case, we’ve been clear Lloyd’s won’t tolerate unacceptable conduct in line with our oversight principle for culture, and we’ll continue to take robust action where we see inappropriate behaviour in any form.”

“These actions are always undertaken with independent oversight and follow due process. We will continue to protect and improve the culture across our corporation and market, to support a thriving and growing marketplace where people want to come and work,” they added.