RCS - Rothesay Life PLC - Bruce Carnegie-Brown appointed Chair of Rothesay

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03/04/2025 08:15

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RNS Number : 4330D  Rothesay Life PLC  03 April 2025

3 April 2025

Bruce Carnegie-Brown appointed Chair of Rothesay

 

·    Bruce Carnegie-Brown is appointed an independent Non-Executive
Director and Chair Designate of Rothesay from 1st May 2025

·    Carnegie-Brown will succeed Naguib Kheraj as Rothesay's Chair from
1st July 2025

·    Kheraj will step down from the Board on 30th June 2025 following
almost 11 years of service, including the last seven years as Chair

Rothesay, the UK's largest pensions insurance specialist, is pleased to
announce the appointment of Bruce Carnegie-Brown as independent Non-Executive
Director and Chair Designate from 1st May 2025, following a comprehensive
search process which was led by Terry Miller, Rothesay's Senior Independent
Director.

 

Carnegie-Brown has a long and distinguished track record in financial
services. He has been Chairman of Lloyd's of London since 2017 and is due to
step down from that position on 30th April 2025. He is also Chair of the
Leadership Council of TheCityUK, Chairman of Cuvva, a digital motor insurance
business and Chairman of Ebury, a global fintech business.

 

From 2015 to 2024, Carnegie-Brown was Vice Chairman and Lead Independent
Director of Banco Santander. He has also served as Chairman of
Moneysupermarket Group plc (now MONY Group plc), Non-Executive Chairman of Aon
UK Ltd, Non-Executive Director of JLT Group plc and Senior Independent
Director of Catlin Group Ltd and Close Brothers Group plc among other
non-executive roles. He previously worked at JP Morgan for 18 years in a
number of senior positions and was Managing Partner of 3i Group plc's Quoted
Private Equity Division from 2007 to 2009.

 

Naguib Kheraj has served on Rothesay's Board since 2014 and as Chair since
2018. He will stand down from the Board on 30th June 2025 and be succeeded by
Carnegie-Brown on 1st July 2025.

 

During Kheraj's tenure at Rothesay, the business has grown to become the UK's
largest pensions insurance specialist, securing the pension policies of over
one million people with assets under management of over £70bn, up from
197,000 policies and £12.8bn of assets when he joined the Board. Kheraj has
also overseen several changes in substantial shareholdings in the company and
a smooth transition of CEO and CFO.

 

Kheraj is a Senior Advisor to the Aga Khan Development Network, Chairman of
Petershill Partners and an adviser to Queensway Group, a hospitality business.
He has held senior positions at a number of international financial
institutions, including as Group Finance Director and Vice-Chairman at
Barclays, CEO of JP Morgan Cazenove and as Deputy Chairman of Standard
Chartered plc. He has worked extensively with not-for-profit organisations
including serving on the Board of GAVI, the vaccine alliance and the Finance
Committee of the University of Cambridge. In 2024, he was appointed a
Commander of the Order of the British Empire (CBE) for services to business
and the economy.

 

Naguib Kheraj, Chair of Rothesay, said: "Being involved with the development
and growth of Rothesay has been one of the most satisfying and enjoyable
professional experiences in my career. This is a first-class business led by
an outstanding management team which has established a leading position in a
sector which provides a valuable service to pension fund trustees, scheme
sponsors and policyholders. The business is well-positioned to continue
delivering long-term value to its two supportive shareholders who have
provided stable capital and very insightful contributions to the Board."

 

Bruce Carnegie-Brown, Chair Designate of Rothesay, said: "I am delighted to
join the Board of Rothesay. As the UK's largest pensions insurance specialist,
Rothesay plays a vital role securing the future for its policyholders and is
well-positioned to take advantage of the growth opportunities ahead. It is
exciting to support such a high-quality management team and fellow Board
members, whose industry-leading approach to all aspects of its business
underpins a culture of excellence."

 

Tom Pearce, Chief Executive Officer, Rothesay, said: "Bruce joins Rothesay at
a time of strong momentum within our business as we capitalise on the very
positive opportunities we are seeing in the pension risk transfer market. He
brings tremendous and highly relevant experience from both his executive and
non-executive careers, and I look forward to working with him as we deliver
our long-term commercial strategy founded on a very strong capital position
and a culture of excellence.

 

I would like to express my huge thanks to Naguib for the very significant
contribution he has made to Rothesay. With his deep financial and business
expertise, he has provided valuable counsel to the Executive Team over his
nearly 11 years' service on the Board. He has carefully and calmly chaired the
outstanding growth of our business and truly embodies our values of
collaboration, leadership, hard-work and a dedication to excellence in
everything we do."

 

ENDS

 

Media Contacts

Rothesay: Anthony Marlowe, Head of Communications & Public Affairs

0207 550 0687 or anthony.marlowe@rothesay.com
(mailto:anthony.marlowe@rothesay.com)

Temple Bar Advisory: Alex Child-Villiers +44 (0)7795 425580 or Sam Livingstone
+44 (0)7769 655437 or rothesay@templebaradvisory.com
(mailto:rothesay@templebaradvisory.com)

 

Notes to Editors

About Rothesay

Rothesay is the UK's largest pensions insurance specialist, purpose-built to
protect pension schemes and their members' pensions. With over £70 billion of
assets under management, we secure the pensions of more than one million
people and pay out, on average, over £300 million in pension payments each
month.

 

Rothesay is dedicated to providing excellence in customer service alongside
prudent underwriting, a conservative investment strategy and the careful
management of risk. We are trusted by the pension schemes of some of the UK's
best known companies to provide pension solutions, including British Airways,
Cadbury's, the Civil Aviation Authority, the Co-operative Group, National
Grid, NatWest, Morrisons and Telent.

 

Rothesay has two substantial institutional shareholders, GIC and Massachusetts
Mutual Life Insurance Company ("MassMutual"), who provide the company with
long-term support for its growth and development.

 

Rothesay refers to Rothesay Limited and its subsidiaries and is the trading
name for Rothesay Life Plc, an insurance company authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Firm Reference Number: 466067. Rothesay Life
Plc is registered in England and Wales with company registration number:
06127279 and registered address: Rothesay Life Plc, The Post Building, 100
Museum Street, London WC1A 1PB. Further information is available at
www.rothesay.com (http://www.rothesay.com)

 

 

 

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