CFC hires Newline exec to build new financial institutions practice

CFC Underwriting, a Lloyd's managing general agent (MGA), has appointed Neil Beaton to build a new team focused on developing a suite of products for financial institutions.

Prior to joining CFC, Beaton was head of financial lines at specialty insurer Newline Group. He has extensive experience of underwriting all types of financial institutions across a range of jurisdictions including the UK, Europe, the US, Asia Pacific and Australasia.

"The look and feel of financial institutions is changing as they utilise more and more technology in their core operations." said CFC chief underwriting officer, Andrew Holmes. "This evolution presents financial institutions with a new range of exposures which we believe the insurance market is not adequately addressing, whether that is a product designed for the new breed of Fintech companies or a crime proposition which properly caters for the way crime against financial institutions is committed in 2017. With CFC’s expertise in cyber and technology allied to Neil’s extensive experience of insuring financial institutions, we believe there is an exciting opportunity to bring a modern and relevant product set to this market."

Holmes added: "Neil is regarded in the London Market as a highly experienced financial institutions underwriter with a track record of sourcing and writing profitable business. I am delighted that we have attracted someone of his stature and skill set to create a suite of modern, market-leading products that will challenge the status quo of the financial institutions market."

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