Philip Broadley has been appointed non-executive director of Bermudian-based reinsurer Lancashire Holdings and will be the next chairman immediately after Lancashire’s 2024 annual meeting in May, subject to shareholder approval.

Mr Broadley will also continue as senior independent director and chair of the Audit Committee at AstraZeneca and as non-executive director of Legal & General Group.

He began his career at Arthur Andersen in 1983, becoming a partner in 1993, where he specialised in auditing banks and insurance companies. He was group finance director at Prudential from 2000 and at Old Mutual from 2008 until 2014.

He has served as chair of the 100 Group of Finance Directors and as a member of the Code Committee of The Takeover Panel. He chaired the Group Audit Committee of Legal & General for six years.

Mr Broadley is treasurer of the London Library and chair of the board of governors at Eastbourne College.

Outgoing chairman Peter Clarke, who has held that role since 2016, ends a nine-year tenure on the Lancashire board.

Mr Clarke said: “Philip will bring a wealth of strategic and leadership skills to our board. He joins Lancashire at an exciting time, with great opportunities for profitable growth ahead.

“I look forward to working closely with Philip and Alex in planning the transition in the chair role over the coming months.”

Alex Maloney, Lancashire CEO, said: “Philip’s extensive financial services and insurance experience will add great value to our board, and I look forward to working with him in his role as chair, in due course.”

Mr Broadley commented: “Lancashire is in a period of robust growth in a strong market environment. I join a business which is in very good hands. I am extremely pleased to accept my appointment to the board. I look forward to working with Alex and all my colleagues at Lancashire and to leading the LHL board as chair, following the 2024 AGM.”