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CFC chiefs step down after misconduct probe at company

David Walsh and Graeme Newman, cyber specialist CFC’s Group and Underwriting CEOs, are leaving the business after a Lloyd’s investigation into allegations of non-financial misconduct at the company. 

Mr Walsh departs in January. CFC Director Louise O’Shea has been appointed to succeed him as CFC Group CEO. 

Mr Newman will step down from his role in January and depart altogether in April. Andy Holmes will replace him as Underwriting CEO, and Axis Insurance Global Head of Cyber Dan Trueman will replace Mr Holmes as Chief Underwriting Officer.  

“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,” CFC said.  

“The company looks forward to continuing to pioneer innovation in the industry and providing best-in-class solutions for its customers and partners.”  

CFC was founded in 1999 and employs 850 staff. It is headquartered in London and has offices in Brisbane, New York, San Francisco, Austin and Brussels. 

In July, CFC launched an innovation facility to develop and underwrite products under the Lloyd’s ICX innovation risk code, led by the CFC 1988 syndicate. CFC Head of Innovation George Beattie was formerly Co-Chair of Lloyd’s Product Launchpad. 

Ms O’Shea was formerly CEO at insurance comparison platform, FinTech Wales Chair and a senior executive at Admiral Group.