Lloyd’s of London announces next chair

Lloyds has today confirmed that Sir Charles Roxburgh KCB (pictured) is to become its next Chair, following a robust and extensive search, and approval from the Council of Lloyd’s.

Sir Roxburgh is due to take up the position on May 1, 2025, subject to regulatory approval and consent from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), He will succeed Bruce Carnegie-Brown after an eight-year term. 

In a Press release, Lloyd’s highlighted Sir Roxburgh’s ‘wealth of experience’ in both the UK government and the private sector, and his support of several high-profile initiatives at Lloyd’s. He recently served in a senior role within His Majesty’s Treasury, having been the Second Permanent Secretary at the Treasury from July 2016 to June 2022.

Previously he was the Director-General of Financial Services from February 2013 to July 2016. In his time at the Treasury, he had regular contact with the insurance industry and engagement with Lloyd’s. In his 26 years at McKinsey, he held a variety of leadership positions including as co-head of the Global Strategy Practice. In his time there, he was also the lead consultant working with the Lloyd’s Taskforce in 1992, later working with then-chair Sir David Rowland on the 1993 Business Plan and the design and implementation of Reconstruction and Renewal.

Commenting on his upcoming departure, Carnegie-Brown said: “It has been a huge privilege to serve the market as its chairman since 2017 and to play a part in driving forward many aspects of Lloyd’s progress including, most importantly, its financial performance. During that time, Lloyd’s has also made good progress in building a more modern, sustainable, innovative, and inclusive marketplace.”

He highlighted the important role Lloyd’s plays in the global financial services sector, and said he is delighted to welcome Sir Roxburgh, whose experience and expertise will help the market go from strength to strength.

 Sir Roxburgh also commented on his appointment, noting the critical role Lloyd’s plays at the heart of the global insurance industry and UK financial services. “Under Bruce’s leadership, it has prospered and is in a strong competitive position, with robust financial security,” he said. “The market is delivering valuable protection to its customers and healthy financial returns to members and investors.

“I am delighted and honoured to have been selected as the next chair of Lloyd’s.  I look forward to working with the Council, with John and the strong executive team, and with the wider Lloyd’s market to guide Lloyd’s to even greater success in the future.” 

Sir Charles was appointed Knight Commander of the Order of the Bath (KCB) in the 2022 Birthday Honours for services to Government.