UK-based JLT Group founding partner John Lloyd will step down as CEO of JLT Specialty at the end of the year.

He will be succeeded by JLT executive Paul Knowles. Lucy Clarke has been named as Deputy CEO, with both appointments effective from January 1.

JLT says the leadership change is “part of a planned succession”.

Mr Lloyd, who has been in the insurance industry 42 years, will remain with the group in a client advisory role and as a mentor to young leaders.

He was a founding partner of what became the Lloyd Thompson Group, and served as its chairman before the merger with Jardine Insurance Brokers in 1997. He chaired the combined business’ Lloyd’s brokerage operation, before establishing and becoming chairman and CEO of Lloyd & Partners, JLT’s specialist wholesale broker, in 2005.

When Lloyd & Partners and JLT Specialty merged in September last year, Mr Lloyd became CEO of the latter.

Mr Knowles joined JLT in 1996. For the past nine years he has been responsible for its construction and real estate business, and heads JLT Specialty’s corporate business.

Ms Clarke has been with JLT since 2002 and is currently Head of Energy at JLT Specialty. She will remain responsible for this part of the business.