UK insurance and investments house Standard Life has named one of Lloyd’s most senior executives as its new CFO and Executive Director.

The surprise appointment of Luke Savage follows a year-long global search.

Mr Savage has been Lloyd’s Director of Finance since 2004, and more recently assumed responsibility for operations too. His move to Standard Life takes effect on August 18.

Before joining Lloyd’s Mr Savage was global CFO for Deutsche Bank’s equities business.

He has also held financial controller roles at Morgan Stanley.

Standard Life CEO David Nish says Mr Savage joins at a time of “unprecedented change across the markets in which we operate”.

Lloyd’s has decided to split Mr Savage’s role into two functions.

Shirine Khoury-Haq, previously group head of operations and UK COO at Catlin, has been appointed Director of Operations.

Lloyd’s Head of Finance John Parry is interim Director of Finance.