CFC, the London-based managing general agent, announced that its founder and group CEO, David Walsh, and Graeme Newman, CEO of CFC Underwriting, will be exiting the company following the completion of an investigation by Lloyd’s into allegations of non-financial misconduct.
Walsh will leave the business in January 2024 and Newman will exit in April 2024. The reasons for their departure were not disclosed by CFC, but it is understood that the action was taken against the company, not the two individual chief executives.
“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,” said CFC in a statement.
“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,” said Lloyd’s in an emailed statement.
“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,” Lloyd’s added.
Walsh will be succeeded as group CEO by Louise O’Shea, subject to approval by the UK regulator, the Financial Conduct Authority. O’Shea was previously an independent non-executive director at CFC and was CEO of Confused.com until March 2023. Prior to her tenure there, she was a senior executive at Admiral Group.
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. Holmes has worked at CFC for 20 years. Before joining the MGA, he wrote liability business for Marlborough Underwriting Agency and later for Argenta Syndicate Management.
Holmes will be supported by Dan Trueman, who joins CFC as CUO on Jan. 1, 2024, after previously serving as global head of Cyber at AXIS Insurance.
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