Rothesay Welcomes Bruce Carnegie-Brown as Chair Designate
Rothesay, a leading specialist in UK pension insurance, has announced the appointment of Bruce Carnegie-Brown as an independent Non-Executive Director and Chair Designate, effective from May 1, 2025. This follows a thorough search process spearheaded by Terry Miller, Rothesay’s Senior Independent Director.
Naguib Kheraj, who has been a pivotal figure on Rothesay’s Board since 2014 and its Chair since 2018, will step down on June 30, 2025. He will be succeeded by Carnegie-Brown on July 1, 2025. During Kheraj’s tenure, Rothesay has expanded significantly, becoming the UK’s largest pensions insurance specialist with assets under management rising from £12.8 billion to over £70 billion, and policyholder numbers increasing from 197,000 to over one million.
Bruce Carnegie-Brown has been serving as Chairman of Lloyd’s of London since 2017 and will be stepping down from this role on April 30, 2025. In addition, he holds the position of Chair of the Leadership Council of TheCityUK, and chairs both Cuvva, a digital motor insurance company, and Ebury, a global fintech enterprise. His extensive experience includes roles as Vice Chairman and Lead Independent Director of Banco Santander from 2015 to 2024, and senior non-executive positions at Moneysupermarket Group, Aon UK, and others.
Tom Pearce, CEO of Rothesay, commented, “Bruce joins us at a time of substantial momentum within our business as we leverage very positive opportunities in the pension risk transfer market. His vast experience from both executive and non-executive perspectives will be invaluable as we pursue our long-term commercial strategy underpinned by a strong capital foundation and a culture of excellence. We express our deepest gratitude to Naguib for his significant contributions over nearly 11 years, during which he has exemplified our values of collaboration, leadership, and a commitment to excellence.”
Bruce Carnegie-Brown expressed his excitement, stating, “I am thrilled to join Rothesay’s Board. As the UK’s foremost pensions insurance specialist, Rothesay plays an essential role in securing futures for its policyholders and is well-poised for future growth. Supporting a high-caliber management team and Board whose industry-leading approach fosters a culture of excellence is truly exciting.”
Naguib Kheraj reflected, “Participating in Rothesay’s growth has been one of the most rewarding experiences of my career. The business is led by an outstanding team and occupies a leading position in the sector, offering valuable services to pension fund trustees, scheme sponsors, and policyholders. Rothesay is well-positioned to continue delivering long-term value to its dedicated shareholders.”
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