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Flood Re loses chief just seven months after launch

Flood Re loses chief just seven months after launch

Flood Re loses chief just seven months after launch

AXA has appointed a new CEO of AXA Insurance, intermediate & direct – as Flood Re loses its chief executive after just seven months.

Brendan McCafferty, the man who helped the complex project come to life, moves across to AXA after gathering 30 years’ experience in insurance as both a broker and insurer.

As CEO at Flood Re, McCafferty successfully set up and launched the industry-backed initiative to make flood insurance more affordable and accessible for hundreds of thousands of householders.

In his new role, McCafferty will report to AXA UK group CEO Amanda Blanc, and will assume responsibility for the four strategic business units and £2.4bn GWP that make up AXA Insurance – Commercial Intermediary, Personal Intermediary and Corporate Partnerships, Personal Direct and Retail Partnerships and AXA Business Insurance.

Blanc described the move as an excellent appointment, adding: “Brendan brings dual underwriting and distribution experience in both commercial and personal lines, which will be invaluable to us.”

She went on to say that McCafferty understands the importance of a multi-distribution strategy, providing customers with a choice of products and channels and from his time at Flood Re, “has a keen understanding of the current and emerging needs of consumers.”

“Brendan’s undoubted stakeholder engagement skills will also ensure he is well equipped to bring all the advantages of AXA Group to bear for customers, partners and brokers alike,” Blanc said.

McCafferty, who has held a variety of senior management positions including commercial director at Paymentshield, president of Willis UK, finance director at RSA’s commercial division and head of Aviva corporate partnerships, said he is delighted to join AXA.

Speaking of his new company, he said: “The insurance business is well-established, growing, profitable and leads the market in delivering greater transparency to customers. This strong foundation equips AXA well to lead the way as customers increasingly demand more and better from their insurer.”

Mark Hoban, chair of Flood Re, said that McCafferty had led the successful launch of the project, overseeing its transition from an industry sponsored concept to a robust and resilient business, adding that he had made a “tremendous contribution” to the company.

“Brendan leaves Flood Re in good shape,” he said, “ready for the next phase of its development with a very strong team.”

McCafferty plans to join AXA Insurance on Monday 13 February 2017 and his appointment is subject to regulatory approval.

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