Cyber specialist managing general agency (MGA) CFC has hired Neil Beaton from Newline Group to build a new team focused on developing a suite of products for financial institutions.

Prior to joining CFC, Beaton served as head of financial lines at Newline Group since 2014, having originally joined the carrier in 2011 as a senior financial institutions underwriter. Before this, he was a financial institutions underwriter at Brit for more than a decade. Beaton has also previously worked at Wellington Underwriting and Axa.

Commenting on the appointment, CFC chief underwriting officer Andrew Holmes remarked: “The look and feel of financial institutions is changing as they utilise more and more technology in their core operations.

This evolution presents financial institutions with a new range of exposures which we believe the insurance market is not adequately addressing, whether that is a product designed for the new breed of Fintech companies or a crime proposition which properly caters for the way crime against financial institutions is committed in 2017.

With CFC’s expertise in cyber and technology allied to Neil’s extensive experience of insuring financial institutions, we believe there is an exciting opportunity to bring a modern and relevant product set to this market”