McCafferty to turn out to be CEO of united kingdom’s Flood Re

A bulletin from the affiliation of British Insurers announces that “Brendan McCafferty has been appointed CEO of Flood Re, after a diffusion method run by using the Flood Re directors and senior representatives from the coverage enterprise.” he is presently the commercial Director at Paymentshield, and will start his new position in q4 2014. His appointment could be issue to regulatory approval as a part of Flood Re’s authorization.

In an in advance annoucement final may the ABI described Flood Re as “an agreement in principle among uk insurers and the authorities to broaden a no longer-for-earnings flood fund – called Flood Re – to ensure that flood coverage remains affordable and to be had to house owners at excessive flood hazard.”

The ABI stated that McCafferty has “over 28 years’ enterprise enjoy across insurance, broker and consulting. He has worked for leading brands across the enterprise, such as Aviva and RSA, and become formerly united kingdom President of world coverage broking, Willis.

“McCafferty will preserve taking forward the work all started via meantime CEO, Tom Woolgrove in getting ready for the regulatory authorization of Flood Re, building its structures and processes, and operating with authorities to establish the desired legislative frameworks. he will also lead Flood Re thru its crucial implementation phase and release.”

Otto Thoresen, Flood Re director and ABI Director preferred described McCafferty as an “skilled coverage industry leader,” who has “worked throughout the coverage zone, main exchange and growing method. He has a validated track record in making things take place and getting the job completed, with a purpose to stand him in excellent stead as we build momentum within the establishment of Flood Re.

“The interim management shown via Tom Woolgrove has intended Flood Re has made desirable development and that i need to thank Tom for his continued suitable paintings,”Thoresen persisted. i am assured that Brendan will be able to maintain this progress and make certain that Flood Re gives you for all those clients who want get right of entry to to growing approach.”

McCafferty said he became “overjoyed” with his appointment as Flood Re CEO; including that it's miles an “important initiative” and that he is calling forward “to operating with the team, with authorities ministers and officials, and throughout the wider insurance enterprise to implement Flood Re.

He introduced that “Flood Re will be a world first and exists to deal with a real consumer and social need – the wintry weather floods this yr starkly proven why we want to ensure owners can get admission to low-cost flood cover no matter their chance. it is an thrilling, progressive approach to a large project. i'm thankful to the Flood Re crew and wider industry contributors for the progress they have got made.”