Lloyd’s of London is set to name a new chairman, pending the approval of its governing council.
Several reports have said Bruce Carnegie-Brown will replace John Nelson, who will retire in May after almost six years leading the specialist insurance market.
Carnegie-Brown is the current chairman of the board of the Moneysupermarket.com Group, which offers online comparison of prices on different products through three different websites. He also sits on the boards of Jardine Lloyd Thompson and Spanish bank Santander as a non-executive director.
He is expected to oversee the insurance market’s post-Brexit plans to relocate some of its operations from London to a new base elsewhere in the EU so it can keep its passporting rights and access to the single market.
Former trade minister Lord Mervyn Davies was reportedly considered to be among the candidates to replace Nelson.
Sky News claimed in a report that members of the Lloyd’s council overseeing the search for Nelson’s successor approached Davies. However, one observer has cast doubt on the likelihood of him taking the job, the news agency said.
The report added that other Lloyd’s members favoured an insider immersed in the traditions of the 300-year-old specialist insurance market. Stephen Catlin, executive deputy chairman of XL Group, was said to be among the candidates to have been involved in the process.
Carnegie-Brown has over three decades-worth of experience in the financial services sector his profile on Moneysupermarket.com states. He previously held senior executive positions in private equity as managing partner of 3i Group, in insurance as CEO of
Marsh and in banking as a managing director of JP Morgan.
Nelson announced last year that he was stepping down by the end of this spring, ahead of his term’s expiration in October.
Related stories:
Former trade minister eyed for Lloyd’s chairmanship – report
Lloyd’s leaning towards Luxembourg for post-Brexit base – report
