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Lloyd’s of London has named Treasury veteran Sir Charles Roxburgh as its new chair, replacing Bruce Carnegie-Brown in one of the insurance institution’s most senior roles.
Roxburgh will take up the position at the start of May 2025, subject to approval from regulators, Lloyd’s said on Thursday.
Roxburgh, well known to the market for his time in government as well as his work as a consultant on a 1992 taskforce at Lloyd’s, said he was “honoured” to be chosen, highlighting the market’s “critical role at the heart of the global insurance industry and UK financial services”.
“The market is delivering valuable protection to its customers and healthy financial returns to members and investors,” he added.
Roxburgh spent more than 20 years at consultancy McKinsey, including heading up its UK financial institutions group. He also worked with Lloyd’s leadership in the early 1990s on reforms to the market.
Then followed a stint in government, including serving as second permanent secretary at the Treasury between 2016 and 2022.
The decision signals the start of a period of transition for the centuries-old market, which includes more than 50 insurers and hundreds of brokers, and is a key plank in the UK’s financial centre.
It is generally expected that one of the jobs for Roxburgh during his tenure will be leading the search to find a replacement for Lloyd’s chief executive John Neal, who was appointed in 2018.
Phoenix chair Nicholas Lyons and Aspen chief executive Mark Cloutier were among the names considered for the role, according to people familiar with the matter. Lyons declined to comment. Cloutier did not provide an immediate comment.
Carnegie-Brown, who will have served Lloyd’s for eight years by the time of his departure, said it had been a “huge privilege” to chair Lloyd’s.
“During that time, Lloyd’s has also made good progress in building a more modern, sustainable, innovative and inclusive marketplace,” he added.
