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Bruce Carnegie-Brown is set to be named as the next chair of Lloyd’s, the London insurance market. The 58 year old will replace John Nelson, who has been chairman since 2011 and is due to step down later this year.

A meeting of the Council of Lloyd’s will be held to approve the appointment in the coming days.

The search for Mr Nelson’s successor has been a long and controversial one. Mr Nelson, whose background was in banking, has focused on building up the market’s external image and campaigned heavily for a remain vote in the Brexit referendum.

However many in the market wanted his replacement to be an insider who could focus on reforming the 300 year old institution.

Sierra Leone-born Mr Carnegie-Brown also sits on the board of Spanish bank Santander.

He is currently non-executive chairman at comparison site Moneysupermarket and a non-executive director at at Jardine Lloyd Thompson Group. Previously he served as chairman at Aon UK from 2012-2015.

He founded and was a managing partner of the listed private equity division of 3i Group plc. Prior to this he was president and CEO of Marsh Europe.

Carnegie-Brown has gained experience in the banking sector, having served as a lead independent director at Close Brothers Group, and Catlin Group Ltd. Prior to that he spent eighteen years at JPMorgan Chase and four years at Bank of America

Copyright The Financial Times Limited 2017. All rights reserved.
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