Lloyd’s of London has announced the appointment of seasoned Treasury professional Charles Roxburgh as its new chair. Roxburgh will succeed Bruce Carnegie-Brown in this prestigious role, commencing on 1 May 2025. This decision follows a “robust and extensive search,” ending Carnegie-Brown’s notable eight-year leadership.
Roxburgh, recognising the significance of his new position, remarked: “Lloyd’s plays a critical role 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 further added, “The market is delivering valuable protection to its customers and healthy financial returns to members and investors.”
Before joining the Treasury in 2013, Roxburgh had a long tenure of 23 years at the consultancy firm McKinsey, where he notably engaged with Lloyd’s during the early 1990s. His roles at the Treasury included director general of financial services until 2016, followed by the position of second permanent secretary up to 2022. During this period, he managed pivotal issues such as Brexit and various Covid-19 response schemes. For his services to the government, he was honoured with a KCB in 2022.
Roxburgh’s new role at Lloyd’s was confirmed following a meticulous recruitment process, overseen by the governing council members, which included former cabinet secretary and national security adviser Mark Sedwill. However, his appointment is still subject to regulatory approval.
Sheila Cameron, Chief Executive of the Lloyd’s Market Association, lauded Roxburgh’s appointment, stating, “Charles is an outstanding choice for this role and will be hugely supported across the market. He brings deep and extensive knowledge of the Lloyd’s market, as well as the broader financial services industry and government. The LMA looks forward to working closely with Charles on continuing to grow and enhance the market’s reputation as the global leader for specialty insurance.”
At 64, Roxburgh will step into his new role at a time when Lloyd’s is experiencing robust financial health. Recently, the company reported a substantial pretax profit of £4.9bn for the first half of 2024, a significant increase from the £1bn reported during the same period the previous year. John Neal, CEO of Lloyd’s, attributed this financial success to favourable market conditions and lower-than-average major losses.
Reflecting on his tenure, outgoing chair Bruce Carnegie-Brown expressed his sentiments: “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.” He added, “Lloyd’s plays an important role in the global financial services sector, and 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.”
The appointment of Charles Roxburgh as the new chair of Lloyd’s of London marks a significant leadership change in the world’s largest insurance market. His vast experience and deep understanding of financial services and government issues position him well to continue the progress achieved under Bruce Carnegie-Brown’s tenure, ensuring Lloyd’s remains a pivotal player in the global insurance industry.
