LONDON, Sept 19 (Askume) – Insurance market Lloyd’s of London said on Thursday that Charles Roxburgh will become its next chairman, succeeding Bruce Carnegie-Brown, who takes over from former president Bruce Carnegie-Brown.
Roxburgh, who has previously held a number of senior government and financial sector roles, will take up his position on May 1, Lloyds said.
Carnegie Brown’s departure comes as more than 50 specialty insurers in the 350-year-old market reported first-half profits .
Lloyd’s has been hit by the COVID-19 pandemic and the war in Ukraine in recent years, but its members have responded by raising premiums and abandoning risky business.
Industry insiders say the market is also facing challenges posed by the impact of climate change on property claims, the impact of fossil fuel risks and the ongoing process of technological upgradation.
“Lloyd’s plays a vital role in the global insurance industry and at the heart of UK financial services,” Roxburgh said in a statement.
“The market is providing valuable protection to its clients and delivering good financial returns to members and investors,” he said.
Sky News first reported that Roxburgh was the frontrunner for the post.
Lloyd’s of London, which employs about 50,000 people in insurance underwriting and brokerage and has come under scrutiny for conduct issues in recent years, said last week it was overhauling its policy to tackle bad behaviour and plans changes to its rules.
Sheila Cameron, chief executive of the Lloyd’s Market Association, said Roxburgh was an “excellent choice” for the role and would have the support of the whole market.
