Sir Charles Roxburgh’s first message to the market as Chair of Lloyd’s

Yesterday, Sir Charles Roxburgh sent a letter to the senior leaders across the Lloyd’s market as follows:

Today is my first day as Chair of Lloyd’s. I am extremely honoured and excited to have been selected, and now to begin my tenure.

I would like to start by paying tribute to my predecessor, Bruce Carnegie-Brown, who has provided distinguished leadership to the Society over the past eight years. Over the course of his tenure as Chair, the businesses within Lloyd’s have significantly improved performance and delivered strong returns to investors. Centrally, Lloyd’s has strengthened its financial position, achieved its highest-ever ratings and raised its standing with regulators and governments. Bruce also challenged the market to improve standards of behaviour and create a more inclusive working environment in which all our colleagues feel safe, valued and respected. Bruce leaves the Society in a strong position, and he should feel very proud of his legacy.

Lloyd’s has been an important part of my professional life. In the first half of the 1990s, I had the privilege of working closely with the then Chair, Sir David Rowland, with colleagues in the Corporation and with many leaders of the market through some of the darkest days in Lloyd’s history. Those experiences gave me a lasting respect and affection for the market. I built friendships that last to this day. I learned that when the market pulls together it can achieve extraordinary results. But those difficult times also highlighted how we must always maintain high standards of professionalism and discipline in underwriting and in conduct.

Today, the market is in immeasurably better shape than it was 30 years ago. I am very excited by the opportunities ahead of Lloyd’s, which I believe are more promising than at any point in its recent history. The quality and professionalism of the businesses within the market, backed by our brand, our global licences and our collective financial strength, give us a strong platform to take Lloyd’s forward to the next stage of its development. Lloyd’s is the world’s pre-eminent marketplace for insurance and reinsurance and can provide solutions to some of the biggest challenges facing companies, communities and governments. In a riskier world, there is a greater need than ever for the skills, innovation and creativity that Lloyd’s underwriters and brokers can uniquely deliver to our end customers.

However, I know that Lloyd’s strong progress and performance is not a given, and must be protected and built on against a challenging backdrop, including: navigating an increasingly complex and uncertain geopolitical and macro-economic environment; delivering on the critical programme of digitisation that is vital for our future competitiveness; continuing to meet the high expectations of our customers for innovative, cost-effective solutions; and providing our investors with sustained, attractive returns on capital. I am confident that, working together, we can surmount these challenges, to both protect the hard-earned progress made in more recent times, and continue to strengthen and deliver our unique value proposition, building an even more successful Lloyd’s in the years to come.

My first priority as Chair is to complete the search for a new Chief Executive. I expect to be able to present a recommendation to Council shortly. Once the new CEO is in place, we plan to launch a more extensive process of engagement with the market, working closely with Council and with the market associations, to listen to your views and to get your input so we can together set the course for the next stage of Lloyd’s strategic development and continued success.

I also hope to meet with the leaders of the market over the coming months. I have already had the chance to meet some of you individually and in group settings. I have a busy programme of visits over the coming months to get out of my office and meet colleagues in the market. We will also be hosting a number of larger events here in the Underwriting Room and hope you will be able to join us for one of those events.

I am very grateful to the Council and the wider market for entrusting me with the role of Chair and the responsibilities that come with it. I look forward to working with you all over the coming years.

With best regards,

Charles