Paymentshield commercial director to replace interim chief Tom Woolgrove in Q4

Brendan McCafferty

Flood Re has appointed Brendan McCafferty as its permanent chief executive.

He will replace interim Flood Re chief Tom Woolgrove in the fourth quarter this year.

McCafferty became commercial director of Towergate-owned mortgage insurance broker Paymentshield in June 2013.

He was previously president of broking group Willis’s UK business.

He has 28 years’ insurance industry experience, and has also held roles at Aviva and RSA.

Flood Re director and ABI director general Otto Thoresen said: “The interim leadership shown by Tom Woolgrove has meant Flood Re has made good progress and I want to thank Tom for his continued good work. I am confident that Brendan will be able to continue this progress and make sure that Flood Re delivers for all those customers who need access to affordable flood insurance.”

McCafferty said: “I am personally delighted to be leading such an important initiative and I look forward to working with the team, with government ministers and officials, and across the wider insurance industry to implement Flood Re.”

Towergate chief executive Mark Hodges added: “Brendan has made great strides within Paymentshield during his time at Towergate and we wish him well in this important new venture. We will do all we can to support him in his goal to provide affordable flood insurance for homeowners.”