LONDON, Feb 17 (Reuters) - Bruce Carnegie-Brown is set to be nominated as the next chairman of Lloyd’s of London, the world’s biggest insurance market, a source familiar with the matter said.
Carnegie-Brown is the former chief executive of Marsh Europe, a subsidiary of Marsh & McLennan Companies, a global professional services firm.
The decision, which needs to be confirmed by the Lloyd’s Council and could yet be overturned, comes with Lloyd’s at the vanguard of efforts to minimise the impact on London from Britain’s vote to leave the European Union.
As part of that, Lloyd’s is currently considering where in the region to set up a subsidiary to ensure members can sell their products freely after Britain leaves the EU, with Paris, Dublin and Luxembourg all possible destinations.
Other short-listed candidates to replace outgoing chairman John Nelson included insurance executives Stephen Catlin, executive deputy chairman of insurer XL, and Steve McGill, former group president of insurance broker Aon.
Nelson, who has been chairman of the world’s leading specialty insurance market since 2011, and who had been a vocal supporter of Britain remaining in the European single market, is due to stand down in mid-2017.
Lloyd’s is facing increasing competition from emerging markets such as Singapore, with a 2014 report showing the London insurance market losing market share.
The market, which started life in Edward Lloyd’s coffee house in 1688, still operates on a face-to-face basis in its City of London building and is seen needing to modernise and upgrade its technology.
The news was first reported by Insurance Insider on Thursday. (Reporting by Carolyn Cohn and Simon Jessop; editing by Jason Neely)