McCafferty to be Flood Re chief exec

McCafferty to be Flood Re chief exec

Brendan McCafferty, currently commercial director at Towergate subsidiary Paymentshield, will take on the role of Flood Re chief executive in Q4 2014. The former UK president of Willis and director of its commercial and network business in the UK and Ireland has nearly 30 years' industry experience.

Flood Re director and Association of British Insurers director general Otto Thoresen said that McCafferty had "a proven track record in making things happen and getting the job done, which will stand him in very good stead as we build momentum in the establishment of Flood Re".

That momentum was evidenced yesterday during a webcast featuring interim Flood Re CEO Tom Woolgrove. He announced that Flood Re would begin tendering for a reinsurance broker in early to mid-August. With 40 days to submit a tender, that means Flood Re will start evaluating the applicants around October, with a view to filling the role before the end of the year.

A tender will also be opened for a scheme administrator, with potential applicants allowed 50 days to put in their bid.

Flood Re is also seeking a chief financial officer, a chief actuary, a director of operations, a chairman and several non-executive directors. Woolgrove said that "many of the major roles would be established by the end of the year.

Woolgrove also indicated a possible future strategy for Flood Re that could prove popular with the industry but politically controversial. In a scheme likely to generate "three strikes and you're out" headlines, Woolgrove said that Flood Re was discussing with the Department for Environment, Food & Rural Affairs the possibility of ejecting policyholders who make three claims. The intention would be to encourage claimants to spend money in improving the protection for their properties, rather than to leave them uninsured.

Woolgrove said that Flood Re was working with Defra to ensure that the policy was "proportionate", but stated clearly that "there has to be some limit on the number of flood claims that Flood Re can reimburse before a policyholder takes some element of responsibility towards resilience measures".

Speaking to a mainly broker audience during Wednesday's webcast, Woolgrove said that brokers could play their part in advising customers in high-risk areas how they could ensure that their home remains insurable.

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