Insurance and reinsurance firm Lloyd's of London has announced that Sir Charles Roxburgh KCB will become its next chair, subject to regulatory approval.

He will assume the role on 1 May 2025, succeeding Bruce Carnegie-Brown, who has held the position for eight years.

Roxburgh recently stepped down as Second Permanent Secretary at His Majesty’s Treasury, a role he held from 2016. Prior to this, he was Director-General of Financial Services from February 2013 to July 2016, during which he had regular contact with the insurance industry.

Roxburgh also spent 26 years at McKinsey, where he held several leadership positions, including Co-Head of the Global Strategy Practice, Head of the UK Financial Institutions Group, and Co-Leader of the Global Corporate and Investment Banking Practice.

During his time at McKinsey, he was the lead consultant working with the Lloyd’s Taskforce in 1992, and subsequently worked with the then-chair Sir David Rowland on the 1993 business plan and the design and implementation of reconstruction and renewal.

“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,” said Carnegie-Brown. “During that time, Lloyd’s has also made good progress in building a more modern, sustainable, innovative, and inclusive marketplace.

“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.”

---