Insights
Sir Charles Roxburgh announced as the new Chairman of Lloyd’s
Posted 19/09/2024 – Insights
Lloyd’s has announced Sir Charles Roxburgh as its next Chairman subject to Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) approval. He will take over from the current Chairman Bruce Carnegie-Brown from the 1st May 2025, who has been in the role since 2017.
Sir Charles has been an influential figure within the insurance market during his 26 year years at McKinsey, where he led the consultancy team working with the Lloyd’s Taskforce in 1992 and later with the then chair Sir David Rowland on the 1993 Business Plan and the design and implementation of Reconstruction and Renewal in 1996. He was also the Head of Global Strategy Practice and Head of UK Financial Institutions Group whilst at McKinsey. After this he was appointed as the Director General of Financial Service for HM Treasury in 2013 and stepped down from this role in 2022. Since then, he been acting as a Non-Executive Director for Herbert Smith Freehills, Shell and Legal & General America. His wife is the current UK ambassador to the US having been appointed in 2020.
Bruce Carnegie-Brown, Lloyd’s Chairman said, “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. 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”
Sir Charles Roxburgh commented, “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”
Alpha comment
Alpha warmly welcomes the decision to appoint Sir Charles Roxburgh as the Chairman of Lloyd’s. Roxburgh was one of the chief architects of the Reconstruction & Renewal (R&R) during his time at McKinsey in the 1990s and his work helped to improve the oversight of the Lloyd’s market, returning the market to profitability. He has a deep understanding of the market and will be a great advocate for Lloyd’s and its brand. The time spent at the Treasury will clearly be helpful, as will the contacts built up in Washington. Bruce Carnegie-Brown has been an excellent Chairman, and his leadership has been exemplary in driving modernisation and discipline.
