Brendan McCafferty has been appointed chief executive officer (CEO) of Flood Re, after a selection process run by the Flood Re directors and senior representatives from the insurance industry.
Currently commercial director at Paymentshield, McCafferty will begin his new role in the fourth quarter of 2014.
McCafferty has over 28 years’ industry experience across insurance, broking and consulting. He has worked for Aviva and RSA, and was formerly UK president of insurance broker, Willis.
He will continue taking forward the work begun by interim CEO, Tom Woolgrove, in preparing for the regulatory authorisation 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 said: "Brendan is an experienced insurance industry leader and 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. 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 affordable flood insurance.”
McCafferty added: "I am personally delighted to be leading such an important initiative and I look forward to working with the team, with Government ministers and officials, and across the wider insurance industry to implement Flood Re. 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.
Mark Hodges, Group CEO Towergate, said: "I am delighted to see Brendan take on this important role at Flood Re. Brendan has made great strides within Paymentshield during his time at Towergate and we wish him well in this important new venture. We will do all we can to support him in his goal to provide affordable flood insurance for homeowners."
Flood Re, Europe, Brendan McCafferty, Paymentshield, Tom Woolgrove