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Lloyd’s of London, a prominent insurance and reinsurance marketplace, has announced the appointment of Sir Charles Roxburgh as its new chair. This decision marks a significant transition for the institution, as Roxburgh will succeed Bruce Carnegie-Brown, whose eight-year term is set to end in May 2025.
Sir Charles Roxburgh brings a wealth of experience to the role. He served as the Second Permanent Secretary at HM Treasury from 2016 to 2022, a position that involved overseeing significant aspects of the UK's economic and financial policy. Prior to this, he was the director-general of financial services at the Treasury starting in 2013. His tenure at HM Treasury provided him with deep insights into financial regulation and policy, areas crucial for Lloyd’s of London.
Roxburgh’s career also includes an extensive background at McKinsey & Company, where he spent 26 years. During his time at McKinsey, he held several key positions, including co-head of the Global Strategy Practice, head of the UK Financial Institutions Group, and co-leader of the Global Corporate and Investment Banking Practice. These roles equipped him with a broad understanding of global financial markets and strategic business operations, which will be beneficial in guiding Lloyd’s through its next phase of development.
The appointment of Sir Charles Roxburgh required approval from multiple regulatory bodies, including the Lloyd's Council, the Prudential Regulation Authority, and the Financial Conduct Authority. This thorough vetting process underscores the importance of the role and the high level of scrutiny involved in such appointments.
Commenting on the appointment, outgoing chair Bruce Carnegie-Brown expressed his enthusiasm for Roxburgh’s new role. Carnegie-Brown highlighted Roxburgh’s extensive experience and expertise, which he believes will be instrumental in advancing Lloyd’s unique value proposition. Under Roxburgh’s leadership, Lloyd’s aims to continue strengthening its position in the global financial services sector, enhancing its value to market participants, investors, and customers.
Carnegie-Brown’s tenure has been marked by significant developments at Lloyd’s, and the transition to Roxburgh is anticipated to build upon these achievements. The leadership change is expected to bring fresh perspectives and strategies to Lloyd’s, ensuring that the marketplace remains competitive and responsive to evolving industry demands.
In summary, Sir Charles Roxburgh’s appointment as chair of Lloyd’s of London is a notable event, promising a new chapter for the institution. His extensive background in both public service and consulting positions him well to lead Lloyd’s into the future, maintaining its influential role in the global insurance and reinsurance markets.
