CFC launches new innovation facility for emerging risks
CFC Underwriting, a specialist insurance provider focused on emerging risk and cyber, and Lloyd's managing general agent (MGA), has launched an innovation facility to develop and underwrite products under the Lloyd’s ICX innovation risk code.
Led by the CFC 1988 syndicate, the new innovation facility will pursue opportunities using CFC’s innovation approach “to deliver decisive exploratory underwriting while maintaining oversight and minimising downside risk”.
The news follows the appointment of George Beattie as head of innovation at CFC earlier this year. Beattie is the former co-chair of Lloyd’s product launchpad and leads a team focused on next generation insurance products designed for the emerging risks of the future. The team includes its own dedicated actuarial and technology resource, offering full autonomy to pursue viable opportunities.
“This is a big vote of confidence in CFC’s ability to select, develop and trade brand new insurance products,” said Beattie. “Our innovation team isn’t limited by the status quo, and we’re not focused on upgrades to existing products. Our mission is to identify risks that haven’t yet been addressed by the market and to explore insurance solutions that add real value and ultimately move the needle in protecting businesses of the future.”
“The insurance sector is struggling to track the shift from physical to intangible assets, despite these assets now comprising the majority of corporate value,” Beattie added. “That’s why building innovative infrastructure is critical to all insurance businesses, and we must think hard and fast about the new kinds of products we should be selling.”
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