Walsh and Newman to leave CFC after Lloyd’s non-financial misconduct investigation

David Walsh and Graeme Newman will leave CFC following a Lloyd’s investigation into allegations of non-financial misconduct at the company.

A statement released today (29 November 2023) said group chief executive Walsh will leave in January 2024, while Newman will step down as the top boss of CFC Underwriting in April 2024.

CFC said it was making management changes following the completion of an investigation by Lloyd’s.

The firm said it acknowledged that there had been failings and was “taking a number of steps to strengthen its policies and procedures and further invest in its culture and people”.

As part of this, the firm will also be appointing a new chief people officer.

Succession

In its statement, CFC also announced that Walsh will be succeeded by Louise O’Shea.

She was previously an independent non-executive director at CFC and was chief executive of Confused.com until March 2023.

Meanwhile, Andy Holmes will be promoted to the role of chief executive of CFC Underwriting.

Holmes has served in the business for over 20 years and will be supported by Dan Trueman, who will join CFC as chief underwriting officer on 1 January 2024.

“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,” 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.