Lloyd’s has appointed Sir Charles Roxburgh KCB as its next Chair, replacing Bruce Carnegie-Brown, subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority, according to Beinsure.
Charles Roxburgh will assume the role on May 1, 2025, after receiving approval from the Council of Lloyd’s. He will succeed Carnegie-Brown, who has served for eight years.
Carnegie-Brown expressed his gratitude for the opportunity, stating, “It has been a privilege to serve since 2017 and contribute to Lloyd’s progress, especially in improving financial performance.” He also highlighted advancements in modernizing and diversifying the marketplace.
Roxburgh has experience in both the U.K. government and the private sector, including key initiatives at Lloyd’s. He recently stepped down as second permanent secretary at His Majesty’s Treasury, where he served from 2016 to 2022.
“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. During that time, Lloyd’s has also made good progress in building a more modern, sustainable, innovative, and inclusive marketplace.”
Bruce Carnegie-Brown
“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”, Bruce Carnegie-Brown says.
“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. The market is delivering valuable protection to its customers and healthy financial returns to members and investors. I am delighted and honoured to have been selected as the next Chair of Lloyd’s. I look forward to working with the Council, with John and the strong executive team, and with the wider Lloyd’s market to guide Lloyd’s to even greater success in the future.”
Sir Charles Roxburgh KCB
Charles Roxburgh worked at McKinsey & Co for 26 years, rising to senior partner. His roles included co-heading the global strategy practice, leading the UK financial institutions group, and managing the global corporate and investment banking practice.
He spent seven years in McKinsey’s New York financial institutions practice and, in 2009, became director of the London-based McKinsey Global Institute, the firm’s economics research unit. In 2011, he was elected to McKinsey’s global board.
Roxburgh joined HM Treasury in February 2013 as Director General of Financial Services. He represented the Treasury on the Bank of England’s Financial Policy Committee and sat on the Financial Stability Board.
In July 2016, he became Second Permanent Secretary of the Treasury, responsible for growth, financial services, and infrastructure. He also played a key role in managing the Government’s exit from its ownership of financial assets, as well as in Brexit negotiations and COVID-19 response efforts, such as the Covid Corporate Financing Facility. Roxburgh oversaw the creation of the UK Infrastructure Bank during this time.
In May 2022, Roxburgh stepped down as Second Permanent Secretary and was succeeded by Cat Little and Beth Russell.
He also collaborated with then-Chair David Rowland on the 1993 Business Plan and the Reconstruction and Renewal initiative.
Sheila Cameron, CEO of the Lloyd’s Market Association, praised Roxburgh’s appointment, noting his deep knowledge of the Lloyd’s market, financial services, and government sectors. She emphasized the LMA’s support for him in further strengthening Lloyd’s global leadership in specialty insurance.
by Yana Keller
