CFC top officers step down after Lloyd's misconduct probe

Two top executives of  CFC have stepped down and will leave the business following the completion of an investigation by Lloyd’s of London into allegations of non-financial misconduct at the company. This development has triggered a series of management changes at the specialist insurance provider.

In January 2024, David Walsh (pictured right), group CEO, will leave the business and Graeme Newman (pictured left) will step down as CEO of CFC Underwriting. Newman will be leaving the business in April 2024.

Walsh will be succeeded as group CEO by Louise O’Shea, subject to FCA approval. O’Shea was previously an independent non-executive director at CFC and was CEO of Confused.com until March 2023.

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 served in the business for over 20 years and will be supported by Dan Trueman, who joins CFC as CUO on 1 January 2024 after previously serving as global head of cyber at AXIS Insurance.

“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 in a statement, noting that the company will also be appointing a new chief people officer.

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