CFC, the specialist managing general agent, announced that Dan Trueman has joined the business as chief underwriting officer (CUO).

After the company’s recent management shakeup, the current CUO, Andy Holmes, will be assuming the role of chief executive officer.

It was announced in November that David Walsh, CFC’s founder and group CEO, was leaving the business in January 2024, while Graeme Newman, CEO of CFC Underwriting, will be leaving the company in April. They are exiting the company following the completion of an investigation by Lloyd’s into allegations of non-financial misconduct. 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.

It was also announced at the time that Trueman would be joining CFC as CUO on Jan. 1, 2024, after previously serving as global head of Cyber at AXIS Insurance.

Under Trueman’s leadership, AXIS’ cyber team became one of the foremost cyber underwriting teams globally, said CFC. Trueman held this role for more than six years following AXIS’ 2017 acquisition of Lloyd’s carrier Novae, where he had served as chief innovation officer.

“Dan’s expertise in innovation will add huge value to our business going forward. Innovation is in our DNA and runs through every class of business and every product we write. I have no doubt that he will play a pivotal role in helping CFC identify new niche areas where we can add value and work with our underwriters to ensure we write profitable and sustainable business,” Holmes commented. “Dan has also been a key figure in cyber for many years and his experience in this sector will clearly prove invaluable given our position as one of the world’s leading cyber markets.”

“I am thrilled to be joining CFC and to work with such an exciting leadership team. It is recognized as a leading specialty underwriting business that’s consistently responding to the changing risk climate through its innovative products and approach,” Trueman said.

“As well-respected pioneers in emerging risk, I’m also looking forward to collaborating with CFC’s experienced and talented teams as we continue its impressive growth journey,” he added.

Headquartered in London with offices in New York, San Francisco, Austin, Brussels and Brisbane, CFC has over 850 employees and is trusted by more than 130,000 businesses in 90 countries.