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A bulletin from the Association of British Insurers announces that “Brendan McCafferty has been appointed CEO of Flood Re, after a selection process run by the Flood Re directors and senior representatives from the insurance industry.” He is currently the Commercial Director at Paymentshield, and will begin his new role in Q4 2014. His appointment will be subject to regulatory approval as part of Flood Re’s authorization.
In an earlier annoucement last May the ABI described Flood Re as “an agreement in principle between UK insurers and the Government to develop a not-for-profit flood fund – known as Flood Re – to ensure that flood insurance remains affordable and available to homeowners at high flood risk.”
The ABI noted that McCafferty has “over 28 years’ industry experience across insurance, broking and consulting. He has worked for leading brands across the industry, including Aviva and RSA, and was formerly UK President of global insurance broker, Willis.
“McCafferty will continue taking forward the work begun by Interim CEO, Tom Woolgrove in preparing for the regulatory authorization of Flood Re, building its systems and processes, and working with Government to establish the required legislative frameworks. He will also lead Flood Re through its crucial implementation phase and launch.”
Otto Thoresen, Flood Re director and ABI Director General described McCafferty as an “experienced insurance industry leader,” who has “worked across the insurance sector, leading change and developing strategy. He has a proven track record in making things happen and getting the job done, which will stand him in very good stead as we build momentum in the establishment of Flood Re.
“The interim leadership shown by Tom Woolgrove has meant Flood Re has made good progress and I want to thank Tom for his continued good work,”Thoresen continued. I am confident that Brendan will be able to continue this progress and make sure that Flood Re delivers for all those customers who need access to developing strategy.”
McCafferty said he was “delighted” with his appointment as Flood Re CEO; adding that it is an “important initiative” and that he is looking forward “to working with the team, with Government ministers and officials, and across the wider insurance industry to implement Flood Re.
He added that “Flood Re will be a world first and exists to address a real customer and social need – the winter floods this year starkly demonstrated why we need to make sure homeowners can access affordable flood cover regardless of their risk. It is an exciting, innovative solution to a huge challenge. I am grateful to the Flood Re team and wider industry participants for the progress they have made.”
Source: Association of British Insurers