(Bloomberg) -- Lloyd’s of London named Bruce Carnegie-Brownto succeed John Nelson as chairman of the insurancemarket founded in a coffee house in 1688.
|Carnegie-Brown, who is also chairman of Moneysupermarket.com Group Plc and vice chairman ofBanco Santander SA, will take up the positionin June, subject to regulatory approval, Lloyd’s of London said ina statement on Monday.
|“I am looking forward to working with Bruce,” Chief ExecutiveOfficer Inga Beale said in the statement. His experience acrossinsurance and banking “will offer Lloyd’s a unique perspective onhow we conduct our business and succeed in today’smarketplace.”
|Deep knowledge of broker & underwriting market
Carnegie-Brown, who has more than 35 years of experience infinancial services including at Marsh Europe, Aon UK Ltd and CatlinGroup Plc, takes up the post at a time when Lloyd’s of London isdeciding where it wants to open a Europeanheadquarters after the government indicated Britain won’tremain part of the EU’s single market.
Frankfurt, Luxembourg and Dublin are under consideration, Bealesaid in an interview on Feb. 14. About 11 percent of the market’svolume comes from non-U.K. European Union countries, but some ofthat will still be able to be underwritten from London, Beale.
|Related: Inside Lloyd's: Writing a reinsurance risk atLloyd's of London [video)
|Outgoing chairman Nelson, 69, has been at thehelm of the insurance market since 2011, when he replaced PeterLevene. Nelson worked at Kleinwort Benson for 15 years andLazard Ltd. for 13 years and worked as chairman of Credit SuisseFirst Boston’s European from 1999 until 2002.
|“Quite simply, this is an excellent appointment,” Nelson in astatement Monday. “Bruce has an extensive career in financialservices, with major global firms particularly in insurance wherehe brings a deep knowledge and understanding of the broker andunderwriting market.”
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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