Lloyd’s of London appoints Charles Roxburgh as chairman

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Lloyd’s of London has appointed Treasury veteran Sir Charles Roxburgh as its new chairman, replacing Bruce Carnegie-Brown in one of the insurance institution’s most important roles.

Roxburgh will take over in early May 2025, subject to regulatory approval, Lloyd’s said on Thursday.

Roxburgh, well known in the market for his time in government as well as his work as a consultant on a task force since 1992 at Lloyd’s, said he was “honoured” to be chosen, stressing the “critical role of the market at the heart of global insurance . industry and financial services in the UK’.

“The market provides valuable protection to its customers and healthy financial returns to members and investors,” he added.

Roxburgh spent more than 20 years at consulting firm McKinsey, including leading its UK financial institutions group. He also worked with Lloyd’s management in the early 1990s on market reforms.

This was followed by a stint in government, including serving as Second Permanent Secretary to the Treasury from 2016 to 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 piece in Britain’s financial centre.

One of the jobs for Roxburgh during his tenure is widely expected to lead the search to find a replacement for Lloyd’s chief executive John Neal, who was appointed in 2018.

Phoenix President Nicholas Lyons and Aspen Chief Executive Mark Cloutier were among the names being considered for the role, according to people familiar with the matter. Lyons declined to comment. Cloutier did not offer an immediate comment.

Carnegie-Brown, who will have served Lloyd’s for eight years until his departure, said it was a “tremendous privilege” to chair Lloyd’s.

“During this time, Lloyd’s has made important strides in building a more modern, sustainable, innovative and inclusive market,” he added.