How Reliable Is CFC?
CFC reliability: licensing, legal entities, financial evidence and the scope behind its Spot Score.
Assessment
5.7/ 10This partial Carrier & MGA Spot Score covers identity and authority, claims and servicing, disclosure clarity within the stated scope. It uses 45% of the rubric’s factor weighting, normalized to a ten-point scale. The excluded factors remain unknown, and evidence for one program does not describe another.
Partial score — 45% of this rubric’s factor weighting. Excluded: Financial Resilience, Carrier-Network Strength, Regulatory Conduct
Assessed 2026-09-22 · Review due 2026-10-22
| Factor | Weight | Included | Score | Basis |
|---|---|---|---|---|
| Identity and Authority | 15% | 33.3%normalized | 2.3 / 4 | [1][5][6][7][8][9] |
| Financial Resilience | 20% | — | Excluded | The available financial evidence does not establish resources and material capacity arrangements across the assessed entities and role. |
| Claims and Servicing | 20% | 44.4%normalized | 2.0 / 4 | [1][2][8][9][3][4] |
| Carrier-Network Strength | 15% | — | Excluded | The reviewed evidence does not name the carrier and capacity arrangements behind the assessed programs, so the relationships cannot be assessed. |
| Regulatory Conduct | 20% | — | Excluded | A complete, exact-entity regulatory-conduct review for the preceding five years is unavailable. |
| Disclosure Clarity | 10% | 22.2%normalized | 2.8 / 4 | [1][5][6][7][8][9][2][3][4] |
Included weights are normalized over the supported factors.
Evidence and Scope
Role: Managing general agent. Scope: CFC Underwriting Limited as the UK underwriting-management entity and CFC USA, Inc. as the US producer and managing general agent, for CFC-branded technology, cyber, professional and specialty products. US authority is verified in Georgia, Texas and Pennsylvania only, with delegated underwriting and All Lines adjusting authority verified in Texas alone. Capacity is assessed for one relationship and two states only: the appointment of CFC USA, Inc. by State National Insurance Company, Inc., NAIC 12831, recorded in Texas since 2022 and Pennsylvania since 2019, covering CFC's delegated admitted business in those states. No CFC product is mapped to that carrier by any source, and the arrangement is not evidence about CFC's business in the other 48 jurisdictions. Lloyd's Syndicate 1988 is a company-level disclosure and is not assessed as the capacity behind any named US programme. Financial resilience is assessed as CFC Underwriting Limited's ability to sustain its own operations; the insurer's capital is not CFC's and is out of scope.
Legal Identity
Licensing
CFC reports admitted producer licensing for CFC USA in all 50 states and Washington, D.C., plus selected E&S authorizations including California; these statements are company-reported. Current California authority for the scoped operation is not independently established.[1][6]
Three of the jurisdictions CFC claims are now reconciled to state records, and they show more than producer authority. Georgia holds CFC USA, Inc. as Principal Agency - Nonresident 206830, active with casualty and property lines; Pennsylvania as Producer 902957, active with casualty and property; and Texas as four separate active licences under National Producer Number 19189728 - General Lines Agency 2447672, Surplus Lines Agency 3354240, Managing General Agency 2796570 with an active MGA - Property and Casualty qualification since February 2022, and Adjuster 2969118 with an All Lines qualification since February 2023. The claim of admitted producer licences in all 50 states and DC and excess-and-surplus authorisation in four states is supported where it was checked; the other 48 jurisdictions and the New York and California surplus-lines authorisations remain company-reported.[7][8][9][1]
Financial Strength
The reviewed pages identify Lloyd's Syndicate 1988 and Asta's roles but provide no current product-specific statutory balance sheet, policyholder-surplus figure, exact-capacity AM Best action or treaty-level evidence for a U.S. technology quote.[1][2]
CFC is an underwriting manager, so the financial question about CFC itself is whether it can sustain its own operations, not whether it holds an insurer's capital. On that, the UK register shows CFC Underwriting Limited as an Active company, number 03302887, incorporated in January 1997, with full statutory accounts filed for the year ended 31 December 2025 on 8 June 2026 and for 2024 on 3 June 2025, and the next accounts not due until September 2027. That evidences a long-established, currently compliant filer. It is not a figure: the 2025 accounts document is a scanned image with no extractable turnover, profit or net-asset figures, so no view is expressed on the scale or strength of CFC's own balance sheet. The capital that would pay a claim sits with the issuing carrier, not with CFC.[10][11]
CFC's own scale is still not quantified. The About page's headline counters for offices, customers, countries and employees show as zeros, and the statutory accounts on the UK register remain a scanned image. The only quantified financial standing in this record belongs to the carrier, not the manager: State National Insurance Company, Inc. has held admitted authority in Texas for over forty years and in Pennsylvania and Georgia for two and three decades respectively. That is longevity of authorisation, not capital, and it is the carrier's rather than CFC's.[5][11][12]
Risk Bearing
CFC's catalogue describes technology, professional-services and selected cyber products, but the U.S. technology material does not name the carrier or participating syndicate for an individual buyer. The quote, declarations and policy must identify the issuer.[1][2]
One carrier relationship is evidenced by a regulator rather than by CFC, and the carrier itself now has standing. Texas records State National Insurance Company, Inc. (NAIC 12831) as holding both a Managing General Agent - Property & Casualty appointment of CFC USA, Inc., active since July 2022, and a property-and-casualty appointment active since June 2022; Pennsylvania records the same carrier, active since December 2019. State National is the only appointing carrier on either record. It is a Texas-domiciled admitted insurer, verified active in Texas since 1984, Georgia since 2005 and Pennsylvania since 1996, so the paper behind CFC's appointed business in those states is long-established rather than newly formed. CFC separately states that both its US cyber and professional liability products are available admitted, which is consistent with delegated business written on an admitted carrier's paper.[8][9][12][13]
What that stops short of matters as much. No reviewed source states that State National issues any particular CFC product, in any particular state, and CFC's own product pages name no carrier, syndicate or issuing entity for a US policy. The appointments cover Texas and Pennsylvania and carry to none of the other 48 jurisdictions. CFC's Lloyd's Syndicate 1988, which CFC says it established and which Asta manages, is a group-level disclosure with no stated participation in any US programme. The binding limits, lines, states and duration of the Texas delegation are not public, so the durability of the arrangement is evidenced only by how long the appointments have run.[13][1][5][8]
Claims Service
CFC provides claim and cyber-incident notification routes, while CFC Response describes technical incident support. These establish company-described notification and response services, not claims-payment speed, coverage outcomes or an independent service measure.[3][4]
CFC says a dedicated CFC claims adjuster manages the process from start to finish, publishes US notification routes at newclaims@cfc.com and +1 866 949 4177 and a separate cyber-incident line, and names a Global Head of Claims. That the adjusting is genuinely in-house is corroborated for one state: Texas records an active All Lines adjuster licence in CFC USA, Inc.'s own name since February 2023. Neither the page nor the licence identifies the entity that pays a claim, which remains the issuing carrier, and no service level or response time is published.[3][8]
Regulatory Record
The regulatory page supplies company and intermediary disclosures, but no completed five-year multi-jurisdiction conduct result is available. The current page does not support a generalized California-domiciled business restriction.[1][6]
Three state records for CFC USA, Inc. were retrieved on 22 September 2026 and none carries a restriction or adverse notation, and the UK register shows CFC Underwriting Limited as Active and current on its filings. Neither is a conduct search. The FCA Financial Services Register was not available, so the FCA authorisation and any UK regulatory history remain company-reported, and no completed five-year multi-jurisdiction conduct result exists for either entity.[7][8][9][10][6]
Evidence gaps
- No source states which insurer issues any particular CFC US product. State National Insurance Company, Inc. is the only appointing carrier on the Texas and Pennsylvania records and CFC's own product pages name no carrier, syndicate or issuing entity, so the link between the appointment and a given policy is not established.
- Forty-eight jurisdictions in CFC's all-50-states claim were not checked, and the New York and California excess-and-surplus authorisations remain company-reported. The California lookup was not available.
- No figures for CFC Underwriting Limited's own operations. The full accounts to 31 December 2025 are on the public register but the document is a scanned image with no extractable turnover, profit or net-asset figures.
- The FCA Financial Services Register was not available on 22 September 2026, so Firm Reference Number 312848 and CFC's UK permissions remain company-reported.
- No statutory financial statement, capital or surplus figure, current rating action or reinsurance terms were obtained for State National Insurance Company, Inc. Its standing in this record rests on the length of its admitted authorisations, not on its accounts.
- The delegation instrument behind the Texas managing-general-agency appointment - binding limits, lines, states and duration - is not public, so the arrangement's durability is evidenced only by how long the appointments have run.
- Whether CFC's in-house adjusting extends beyond Texas; the All Lines adjuster licence was verified there only.
- No completed five-year conduct result is available for CFC USA, Inc. or CFC Underwriting Limited.
- Lloyd's Syndicate 1988, which CFC says it established and which Asta manages, has no stated participation in any US CFC programme, and no syndicate financial or capacity data was obtained.
- CFC's About page headline counters for offices, customers, countries and employees show as zeros and carry no usable figures for CFC's own scale.
Jurisdiction searches
| Jurisdiction | Result | Notes |
|---|---|---|
 CaliforniaCalifornia Department of Insurance | Source inaccessible[6] | The California lookup for CFC was attempted on 22 September 2026; the California lookup was not available, so the company-reported California excess-and-surplus authorisation was not established. |
 Georgia | Verified regulator result[7] | Principal Agency - Nonresident 206830 Active to 07-31-2027 with Casualty and Property active; no carrier appointments listed. |
 Texas | Verified regulator result[8] | Managing General Agency 2796570, General Lines Agency 2447672, Surplus Lines Agency 3354240 and Adjuster 2969118 all Active; State National Insurance Company, Inc. recorded as MGA and P&C appointing carrier. |
 Pennsylvania | Verified regulator result[9] | Producer 902957 Active to 07-17-2027 with Casualty and Property active and a duplicate Non-Resident Producer Agency row Inactive effective 09-10-2026; State National Insurance Company, Inc. appointed since 12-17-2019. |
| UKUnited Kingdom | Company-reported disclosure[10][11][1] | Companies House confirms CFC Underwriting Limited as an Active company, number 03302887, with full accounts filed to 31 December 2025. The FCA Financial Services Register was not available on 22 September 2026 - so FCA Firm Reference Number 312848 stays company-reported. |
Licenses and Authority
These are reviewed authority records for the named legal entities and scope. A license record does not establish that a particular policy is available, bound, or suitable.
| Entity and jurisdiction | Identifier | License class and authority |
|---|---|---|
CFC USA, Inc. United States | National Producer Number: 19189728[7][8][9] | National Producer Number; Identifier carried on the Georgia, Texas and Pennsylvania records; an NPN does not by itself establish authority in any state |
| CFC USA, Inc.Georgia | State license: 206830[7] | Principal Agency - Nonresident; Georgia record retrieved 22 September 2026 shows Status Active to 07-31-2027 with Casualty and Property lines active |
| CFC USA, Inc.Texas | State license: 2796570[8] | Managing General Agency; Texas record retrieved 22 September 2026 shows Status Active from 02-07-2022 to 09-17-2027 with the MGA - Property and Casualty qualification active. This is delegated underwriting authority in Texas and does not evidence delegation in any other state |
| CFC USA, Inc.Texas | State license: 2447672[8] | General Lines Agency; Texas record retrieved 22 September 2026 shows Status Active from 09-17-2019 with the Property and Casualty qualification active |
| CFC USA, Inc.Texas | State license: 2969118[8] | Adjuster; Texas record retrieved 22 September 2026 shows Status Active from 02-28-2023 with the Adjuster - All Lines qualification active |
| CFC USA, Inc.Texas | Surplus-lines identifier: 3354240[8] | Surplus Lines Agency; Texas record retrieved 22 September 2026 shows Status Active from 06-26-2025 to 09-17-2027 |
| CFC USA, Inc.Pennsylvania | State license: 902957[9] | Producer; Pennsylvania record retrieved 22 September 2026 shows the Producer licence Status Active to 07-17-2027 with Casualty and Property active; a duplicate Non-Resident Producer Agency row under the same number is Inactive effective 09-10-2026 |
| CFC Underwriting LimitedUKUnited Kingdom | Certificate of authority: 312848[1] | FCA Firm Reference Number; Company-published as the firm reference under which CFC Underwriting Limited is authorised and regulated by the Financial Conduct Authority; the FCA Financial Services Register was not available on 22 September 2026 and the entry was not independently confirmed |
Sources
- Regulatory Information. CFC; Regulatory Information, re-read 22 September 2026: CFC Underwriting Limited is authorised and regulated by the Financial Conduct Authority with Firm Reference Number 312848 and company registration number 03302887; CFC's Lloyd's Syndicate 1988 is managed by Asta Managing Agency Ltd, registration 1918744, FCA Firm Reference 204897, authorised by the Prudential Regulation Authority and regulated by the FCA and PRA; CFC USA, Inc. maintains admitted producer licences in all 50 states and the District of Columbia and holds Excess & Surplus lines authorisation in NY, TX, GA and CA, operating from 5 Penn Plaza, Floor 2, New York; CFC Europe S.A. is authorised by the FSMA under registration 071181806; CFC Underwriting Pty Ltd holds AFSL 407780 and CFC Claims Pty Ltd AFSL 700157; CFC Underwriting Inc. holds an Ontario general insurance agent licence. Accessed 2026-09-22.
- Technology Insurance. CFC; U.S. technology audience, product scope, underwriting and broker route. Accessed 2026-09-21.
- Claims. CFC; Claims, US, re-read 22 September 2026: 'Your dedicated CFC claims adjuster will work proactively to help you manage the process from start to finish'; the claims team is described as organised by industry and specialisation rather than insurance line, with Margaret Murphy as Global Head of Claims; US notification routes newclaims@cfc.com, +1 866 949 4177 and an online form; cyber incidents +1 844 677 4155 or the CFC Response app. The page does not name the entity that pays a claim. Accessed 2026-09-22.
- CFC Response. CFC; Cyber response service and incident-support description. Accessed 2026-09-21.
- About CFC. CFC; About CFC, read 22 September 2026: CFC is described as designing and underwriting policies on behalf of capacity providers, interacting with brokers, managing claims and providing risk prevention services. The page states that CFC established Syndicate 1988, 'one of the first independent MGAs of scale to establish a Lloyd's syndicate'. The page's headline counters for offices, customers, countries and employees show as zeros and carry no usable figures. Accessed 2026-09-22.
- California License Number Search. California Department of Insurance; California producer-license route for CFC; current authority not independently established. Accessed 2026-09-21.
- Georgia Firm Consumer Inquiry - CFC USA, Inc. Sircon/Georgia insurance licensing lookup; Firm Consumer Inquiry for the State of Georgia, retrieved 22 September 2026: CFC USA INC, National Producer Number 19189728, 5 Penn Plz Fl 2, New York, NY 10001; Principal Agency - Nonresident licence 206830, Status Active, original issue 07-24-2019, expiration 07-31-2027, Principal Agency Casualty and Property qualifications Active. No carrier appointments listed. Accessed 2026-09-22.
- Texas Firm Consumer Inquiry - CFC USA, Inc. Sircon/Texas insurance licensing lookup; Firm Consumer Inquiry for the State of Texas, retrieved 22 September 2026: CFC USA INC, NPN 19189728; Managing General Agency licence 2796570, Status Active, original issue 02-07-2022, expiration 09-17-2027, MGA - Property and Casualty qualification Active; General Lines Agency licence 2447672 Active from 09-17-2019 with the Property and Casualty qualification Active; Surplus Lines Agency licence 3354240 Active from 06-26-2025; Adjuster licence 2969118 Active from 02-28-2023 with the Adjuster - All Lines qualification Active. Affiliations/Appointments list a single carrier: State National Insurance Company, Inc., NAIC 12831, with a Managing General Agent - P & C appointment Status Active from 07-22-2022 and a Property and Casualty appointment Status Active from 06-09-2022. Accessed 2026-09-22.
- Pennsylvania Firm Consumer Inquiry - CFC USA, Inc. Sircon/Pennsylvania insurance licensing lookup; Firm Consumer Inquiry for the State of Pennsylvania, retrieved 22 September 2026: CFC USA INC, NPN 19189728; Producer licence 902957, Status Active, original issue 07-17-2019, expiration 07-17-2027, Casualty and Property qualifications Active; a separate Non-Resident Producer Agency row under the same number Inactive effective 09-10-2026. Affiliations/Appointments list a single carrier: State National Insurance Company, Inc., NAIC 12831, Status Active from 12-17-2019. Accessed 2026-09-22.
- CFC Underwriting Limited - Companies House register. Companies House; Register entry read 22 September 2026: registered name CFC UNDERWRITING LIMITED, company number 03302887, company status Active, incorporated 16 January 1997, registered office 8 Bishopsgate, London, EC2N 4BQ, nature of business SIC 65120 non-life insurance; most recent accounts made up to 31 December 2025, next accounts due by 30 September 2027. Accessed 2026-09-22.
- CFC Underwriting Limited - accounts filing history. Companies House; Accounts filing history read 22 September 2026: 'Full accounts made up to 31 December 2025' filed 8 June 2026, 48 pages, and 'Full accounts made up to 31 December 2024' filed 3 June 2025, 54 pages. The 2025 document was downloaded on 22 September 2026 but is a scanned image from which no figures could be extracted. Accessed 2026-09-22.
- State Company Consumer Inquiries - State National Insurance Company, Inc. Sircon/Texas, Georgia and Pennsylvania insurance licensing lookup; Company Consumer Inquiries retrieved 22 September 2026 for State National Insurance Company, Inc., NAIC ID 12831, 1900 L. Don Dodson Drive, Bedford, TX, Domicile State Texas. Texas: Active Since 08-28-1984, Active Company Type Fire and Casualty. Georgia: Active Since 07-14-2005, Active Company Type Property and Casualty. Pennsylvania: Active Since 02-21-1996, Active Company Type Casualty. Accessed 2026-09-22.
- Cyber insurance. CFC; US cyber product page read 22 September 2026: the US availability table marks both the cyber and professional liability products 'Available Admitted'; Cyber Proactive Response is described for businesses with revenues of $0-250m with unlimited reinstatements at a nil or single deductible; distribution is through CFC's Connect portal and named API partners including AmWins and Limit. The page names no carrier, syndicate or issuing entity for a US policy. Accessed 2026-09-22.
