Daily Digest: CFC plans deeper broader expansion, Lancashire shares plunge as cat losses exceed expectations, Marsh books 13% organic growth

CFC plans deeper broader expansion following private equity dealCFC Underwriting plans to use its new private equity investment to grow through technology and emerging risks product expansion. Speaking to Insurance Day, executives at the London-based specialist managing general agent (MGA) said the investment from private equity firms EQT and Vitruvian will support organic growth and business line expansion. It is thought the investment is worth £2.5bn ($3.45bn). CFC’s group chief executive, Dave Walsh, said investors were attracted to CFC’s organic growth proposition, as well as its focus on people and technology. “The new investors buy into that strategy and we’re going to continue doing that,” Walsh said. “We’re planning to get deeper, broader in our current areas.” The new investment will see CFC nearly double its employee shareholders from 175 to more than 300 and retain the majority stake, aligning with the MGA’s ambitions to keep employees at the core of its shareholder structure.