Bruce Carnegie-Brown, former CEO of Marsh Europe and non-executive chairman of Aon UK, will shortly be named the new chairman of Lloyd’s, according to market sources. He succeeds John Nelson, who had announced in 2015 that he would retire this year at the age of 70.

The Council of Lloyd’s, which supervises the market, will meet next week to approve Carnegie-Brown as chairman, sources say.

With more than 30 years of financial services experience, he currently is non-executive chairman of Group (the UK price comparison website), a non-executive director of Santander UK and a non-executive director of Jardine Lloyd Thompson Group.

According to his biography, he previously held senior executive positions in “private equity as managing partner of 3i Group, in insurance as chief executive officer of Marsh Ltd. and in banking as a managing director of JP Morgan and non-executive roles as chairman of Aon UK Ltd (2012-2015), director of Close Brothers Group plc (2006-2014) and director of Catlin Group Ltd (2010-2014).”

He worked at JP Morgan Chase in various roles between 1985 and 2003.

A market source revealed that Stephen Catlin, executive deputy chairman of XL Catlin, was also on the shortlist but Carnegie-Brown was ultimately selected because of his wide-ranging experience in the financial services sector, including with

It is not yet clear if Carnegie-Brown will maintain his other non-executive chairmanships once he is named Lloyd’s chairman. Carnegie-Brown was not available to comment. Lloyd’s did not comment and has not issued an announcement about the impending appointment.

*This story appeared previously in our sister publication Insurance Journal.