CFC Underwriting Ltd. said Wednesday two of its top officers will be stepping down, and it has named a new CEO, following the completion of an investigation by Lloyd’s of London into allegations of nonfinancial misconduct at the company.
The London-based specialty insurer said Group CEO David Walsh will leave the business in January 2024, and Graeme Newman, CEO of CFC Underwriting, will leave in April 2024.
It has named Louise O’Shea, previously an independent nonexecutive director at the company, as group CEO.
The company says in its statement it “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.”
A company spokesman had no further comment.
The company also promoted Andy Holmes, previously chief underwriting officer, to CEO of CFC Underwriting.
As previously announced, Dan Trueman, previously global head of cyber at Axis Insurance, will join the company as chief underwriting officer on Jan. 1, 2014.
Ms. O’Shea, who has been a director at CFC since March 2021, was CEO of Cardiff, Wales-based Confused.com, an insurance comparison platform, until March 2023.