Sir Charles Roxburgh KCB confirmed as next Chair of Lloyd’s

19 Sep 2024

Lloyds, the world’s leading marketplace for insurance and reinsurance has today announced that Sir Charles Roxburgh KCB is to become its next Chair, subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority.

Following a robust and extensive search, and approval from the Council of Lloyd’s, Sir Charles will take up the position on 1 May 2025, succeeding Bruce Carnegie-Brown after an eight-year term.

Sir Charles brings a wealth of experience gained in both the UK Government and the private sector, including supporting several high-profile initiatives at Lloyd’s. He has recently stepped down from one of the most senior roles within His Majesty’s Treasury, having been the Second Permanent Secretary at the Treasury from July 2016 to June 2022. Prior to this, he was the Director-General Financial Services from February 2013 to July 2016. Throughout his time at the Treasury, he had regular contact with the insurance industry and engagement with Lloyd’s.

Sir Charles spent 26 years at McKinsey where he held a number of 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 then 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. 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.” 

Bruce Carnegie-Brown, Lloyd’s Chairman

“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

Sir Charles was appointed Knight Commander of the Order of the Bath (KCB) in the 2022 Birthday Honours for services to Government.

Notes to Editors

Sir Charles Roxburgh KCB was the unanimous choice of the extended NomCo (Nominations Committee), following a robust and extensive search and selection process. His appointment was approved at a meeting of the Council of Lloyd’s on 19 September and is subject to regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority.
NomCo reflects the views and interests of a diverse range of market participants, and for this appointment was augmented to ensure an appropriate balance between market representation and independence. To achieve this the augmented committee included all independent nominated members of the Council (excluding the Chairman and, from November 2023, the SID) alongside the standing members of the committee.
As part of the transition arrangements, Sir Charles will relocate to the UK in early 2025 and will join Lloyd’s on 1 May 2025. He will work closely with Bruce Carnegie-Brown prior to his departure, after a successful eight-year term.
Having previously held a senior position at HMT, this new role will be starting after the expiration of the period covered by the Government’s Business Appointments Rules and so did not require notification to and approval by the Advisory Committee on Business Appointments (ACOBA).
The ‘Reconstruction and Renewal’ plan put to members by Lloyd’s in 1996 aimed to make the market attractive to new members, especially new corporate members. This was the start of creating a modern, robust and secure Lloyd’s, putting in place many of the necessary structural changes that still underpin the market today.

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