Lloyds’s has named Bruce Carnegie-Brown to succeed Chairman John Nelson, who is retiring after almost six years in the role.

Mr Carnegie-Brown will take up the position in June, subject to approval from the UK’s Prudential Regulation Authority and Financial Conduct Authority.

“His wide-ranging experience across insurance and banking… will offer Lloyd’s a unique perspective on how we conduct our business and succeed in today’s marketplace,” CEO Inga Beale said.

“As we take forward our plans to modernise the London market and ensure it remains the hub of specialist insurance and reinsurance, Bruce’s input will be invaluable.”

Mr Carnegie-Brown is currently Moneysupermarket.com Group Chairman, and Vice-Chairman at Spanish banking giant Banco Santander.

He has more than 35 years’ experience in the financial services industry, including as Marsh Europe CEO and Aon UK non-executive chairman.