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Insurance group CFC has appointed former Aviva executive Adam Winslow as chief executive as the private equity-backed business explores strategic options including a potential listing on the London Stock Exchange.
Winslow, the former boss of Direct Line who left the motor insurer last year after it was acquired by Aviva, joins CFC as it explores options including an initial public offering that could value it at more than £5bn, the FT previously reported. It could also seek to list on another exchange.
“It’s a brilliant business with a ton of potential, and it’s got a great glide path,” Winslow told the FT of the appointment on Tuesday.
Winslow left Direct Line on completion of its £3.6bn takeover by Aviva, the company he had left just over a year earlier to take the helm at the motor insurer.
Winslow will replace Louise O’Shea, who led CFC as it navigated the fallout from an investigation by the Lloyd’s of London insurance market into allegations of non-financial misconduct that was followed by the exit of her predecessor.
When it announced the changes in November 2023, CFC said it “acknowledges there have been failings and is taking a number of steps to strengthen its policies and procedures and further invest in its culture and people”.
Founded in 1999 as a cyber insurance specialist, CFC was originally called ClickForCover.com. It has since expanded into selling cover for commercial risks ranging from kidnap and ransom to warranty and indemnity cover for mergers and acquisitions by companies.
The group, which is owned by private equity groups EQT and Vitruvian Partners, is reviewing its options at a time when the number of listed UK insurers is dwindling because of consolidation and takeovers by overseas groups.
A UK listing would be a win for the London insurance market, whose strong performance has led to a series of takeovers, shrinking the list of independent entities.
Switzerland’s Zurich Insurance in February agreed an £8bn takeover of FTSE 100 group Beazley, while Canada’s Brookfield this year bought FTSE 250 insurer Just Group.
Private capital groups have also grown their exposure to London’s insurance market, which they value for its returns being relatively uncorrelated to the wider market, by setting up special investment vehicles through Lloyd’s.
New York’s Blackstone has set up multiple Lloyd’s syndicates with insurer AIG, while Brookfield’s Oaktree has launched a Lloyd’s syndicate with Allianz.
CFC chair John Howard said in a statement that Winslow’s appointment came as the group “looks to further accelerate global growth while unlocking the significant potential of AI across its operations”.
