Carnegie-Brown named Non-Exec Director and Chair Designate at Rothesay

UK pension insurance specialist Rothesay has appointed Bruce Carnegie-Brown as independent Non-Executive Director and Chair Designate from 1st May 2025.

Naguib Kheraj, who has served on Rothesay’s Board since 2014 and as Chair since 2018, will step down on June 30, 2025, and be succeeded by Carnegie-Brown on July 1, 2025.

Rothesay noted that this decision followed a comprehensive search process led by Terry Miller, Rothesay’s Senior Independent Director.

Kheraj is a Senior Advisor to the Aga Khan Development Network, Chairman of Petershill Partners, and an adviser to Queensway Group.

He has held senior roles at major financial institutions, including Group Finance Director and Vice-Chairman at Barclays, CEO of JP Morgan Cazenove, and Deputy Chairman of Standard Chartered.

Rothesay said that during Kheraj’s tenure, 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 £70 billion, up from 197,000 policies and £12.8 billion of assets when he joined the Board.

Meanwhile, Kheraj’s replacement, Carnegie-Brown, has served as Chairman of Lloyd’s of London since 2017 and is set to step down from that position on April 30, 2025.

In addition, he is Chair of the Leadership Council of TheCityUK, Chairman of Cuvva, a digital motor insurance company, and Chairman of Ebury, a global fintech business.

From 2015 to 2024, Carnegie-Brown served as Vice Chairman and Lead Independent Director of Banco Santander. He has also held senior non-executive roles, including Chairman of Moneysupermarket Group and Aon UK, and directorships at JLT Group, Catlin Group Ltd, and Close Brothers Group.

Previously, he spent 18 years at JP Morgan in senior positions and was Managing Partner of 3i Group’s Quoted Private Equity Division from 2007 to 2009.

Tom Pearce, Chief Executive Officer, Rothesay, commented, “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.”

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 in 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.”

Naguib Kheraj, Chair of Rothesay, added, “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 that 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.”

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