Lloyd’s has named Charles Roxburgh as its next chairman, effective from May.

Sir Charles has held senior positions in the UK Treasury and at McKinsey, and had regular contact with the insurance industry and engagement with Lloyd’s during such roles.

He will take over from Bruce Carnegie-Brown, who has been chairman since 2017.

“Lloyd’s plays a critical role at the heart of the global insurance industry and UK financial services,” Sir Charles said last week.

“Under Bruce’s leadership, it has prospered and is in a strong competitive position, with robust financial security.”  

Sir Charles was second permanent secretary at the Treasury for six years and was previously director-general of financial services. He spent 26 years at McKinsey, holding leadership positions including co-head of the global strategy practice and head of the UK financial institutions group.

The Council of Lloyd’s approved his appointment at a meeting last Thursday, subject to clearance from the Prudential Regulation Authority and the Financial Conduct Authority.

Mr Carnegie-Brown has been chairman since 2017 and was reappointed for his third term in 2022. He has held the role as Lloyd’s has pursued a turnaround plan and navigated pandemic impacts.

He says Lloyd’s has made good progress building a more modern, sustainable, innovative and inclusive marketplace. 

“I am delighted to welcome Sir Charles Roxburgh, who brings great experience and expertise which will help the market go from strength to strength, delivering its unique value proposition to the market’s participants, investors and customers into the future,” he said.