Led by the CFC 1988 syndicate, the new innovation facility will pursue opportunities using CFC’s unique innovation approach – which is built to deliver decisive exploratory underwriting while maintaining oversight and minimising downside risk.
This announcement follows the appointment earlier this year of George Beattie as Head of Innovation at CFC. Beattie is the former Co-Chair of Lloyd’s Product Launchpad and leads a team focused on delivering industry-first solutions and next generation insurance products designed for the emerging risks of tomorrow. The team includes its own dedicated actuarial and technology resource, offering full autonomy to pursue viable opportunities.
“This is a big vote of confidence in CFC’s ability to select, develop and trade brand new insurance products,” said Beattie. “Our innovation team isn’t limited by the status quo, and we’re not focused on upgrades to existing products. Our mission is to identify risks that haven’t yet been addressed by the market and to explore insurance solutions that add real value and ultimately move the needle in protecting businesses of the future.”
“The insurance sector is struggling to track the shift from physical to intangible assets, despite these assets now comprising the majority of corporate value,” continued Beattie. “That’s why building innovative infrastructure is critical to all insurance businesses, and we must think hard and fast about the new kinds of products we should be selling.”
Throughout its 20+ year history, CFC has led the way on emerging risks. From being one of the first companies to write cyber risk in the dot-com era to launching market-first products in fintech, e-health, and intellectual property among others, this is yet another step on CFC’s journey of pioneering risk solutions.
