EXCLUSIVE: CFC global CUO Dan Trueman exits after a year with London MGA

By James Thaler

Feb 12 - (The Insurer) - CFC Group’s global chief underwriting officer Dan Trueman is leaving after only a year with the London-based firm, marking the latest significant senior departure from the MGA.

According to sources, Trueman and CFC agreed to a mutual parting of the ways this week, with CFC’s management team having now begun to communicate the departure to trading partners.

Trueman arrived at CFC in January 2024 after departing Axis Capital in July 2023, where he had been the global head of cyber insurance and had worked for six years.

He joined Axis with its 2017 acquisition of Lloyd’s insurer Novae, where he had worked for nearly four years and served as chief innovation officer.

He previously spent three years with European MGA ANV, following an 11-year career at Kiln, where he had been active underwriter for enterprise risk.

Trueman had been recruited by CFC founders David Walsh and Graeme Newman, who were forced to exit the company after two decades in early 2024 following a Lloyd’s investigation into non-financial misconduct.

It is understood that those executives’ departures around the time that Trueman joined CFC played a role in his decision to leave the company after less than a year.

In addition to the exits of Walsh and Newman, Trueman’s exit is the latest major departure from CFC in the last month, following the exit of CFC USA CEO Shannon Groeber in January.

And late last month, Cyber Risk Insurer broke the news that CFC had unified its global cyber and proactive teams to enhance consistency across territories, promoting James Burns to global head of cyber and Jason Hart to managing director, proactive and global security services.

Cyber Risk Insurer broke the news in September that Axis Capital and CFC ended their partnership as a result of “diverging strategies”, with the Bermudian (re)insurer looking to deleverage its delegated underwriting cyber business and expand its middle market and large accounts.

CFC is estimated to write ~$1.5bn in gross written premiums including its Lloyd’s syndicate, with roughly half of its premium volume understood to be made up of cyber business.

Trueman’s exit comes as the US cyber market gathered this week at the NetDiligence Cyber Risk Summit in Miami Beach, Florida.

In an interview at the event with The Insurer TV, Vantage Risk's cyber head Juliet White said that pricing in the business line remains adequate and the segment has reached “normalization” after a period of hardening, while adding that better risk controls enforced by the insurance industry have driven down ransom payments.

A spokesperson for CFC has been contacted for comment.