Lloyd’s of London names Treasury veteran Charles Roxburgh as chair

Lloyd’s of London has named Treasury veteran Charles Roxburgh as its next chair, taking over one of the City’s most prestigious posts from Bruce Carnegie-Brown.

The world’s most prominent insurance market said on Thursday that following a “robust and extensive search”, Roxburgh would take up the role on 1 May 2025 – succeding Carnegie-Brown after an eight-year term.

“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,” Roxburgh said.

“The market is delivering valuable protection to its customers and healthy financial returns to members and investors.”

After 23 years at consultancy firm McKinsey, where he worked with Lloyd’s during the early 1990s, Roxburgh joined the Treasury in 2013 as director general of financial services until 2016.

He then served as the second permanent secretary to the Treasury between 2016 and 2022 – overseeing issues including Brexit and various Covid schemes. He was awarded a KCB in 2022 for services to government.

Lloyd’s said that throughout his time at the Treasury, Roxburgh had “regular contact with the insurance industry and engagement with Lloyd’s”.

Members of Lloyd’s governing council, including former cabinet secretary and national security adviser Mark Sedwill, oversaw the recruitment process. Roxburgh’s appointment is subject to regulatory approval.

Sheila Cameron, chief executive of the Lloyd’s Market Association, said the group welcomed the news. “Charles is an outstanding choice for this role and will be hugely supported across the market,” she said.

“He brings deep and extensive knowledge of the Lloyd’s market, as well as the broader financial services industry and government. The LMA looks forward to working closely with Charles on continuing to grow and enhance the market’s reputation as the global leader for specialty insurance.”

Roxburgh, 64, is poised to take over Lloyd’s in rude financial health. Earlier this month, it reported an overall pretax profit of £4.9bn in the first half of 2024, up £3.9bn during the same period last year.

Lloyd’s chief executive, John Neal, highlighted favourable market conditions and below-average major losses.

“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,” Carnegie-Brown said on Thursday.

“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.”