Sir Charles Roxburgh, KCB, is to become the next chairman of Lloyd’s, the organisation has announced.

The appointment of Sir Charles, who was appointed Knight Commander of the Order of the Bath (KCB) in the 2022 Birthday Honours for services to Government, is 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, the organisation said Sir Charles will take up the position on May 1, 2025, succeeding Bruce Carnegie-Brown after an eight-year term.

Lloyd’s said: “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 chairman Sir David Rowland on the 1993 business plan and the design and implementation of the reconstruction and renewal plan put to members by Lloyd’s in 1996 aimed at making the market attractive to new members, especially new corporate members.

Mr Carnegie-Brown 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 said: “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.”