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Prettejohn leaves Lloyd’s for UK insurer

Lloyd's chief executive Nick Prettejohn is to end his ten-year association with the Corporation and join UK insurer Prudential plc at the beginning of next year.

Prettejohn, aged 45 yrs, will replace Mark Wood as the chief executive of Prudential's UK insurance operations. Wood, who has spent four years in the role, will leave immediately.

Prettejohn, a former Bain & Co management consultant, joined Lloyd's in 1995 and after a series of senior management roles was appointed chief executive in 1999. His watch has included managing Lloyd's response to the 11 September attacks and the Society's debut on the international capital markets last year. He will stay at the Society until the end of the year.

In a statement, Lloyd's said finance director Luke Savage will become acting chief executive until a new appointment is made. The search for a long-term replacement will be conducted by Lloyd's Nominations, Appointments and Compensation Committee.

Prudential's group chief executive said: "Nick's background and experience mean that he is well suited to lead our UK Insurance Operations to the next stage in their development. He is widely respected in the industry and across the financial community. He has broad and relevant experience of the financial services market and has a track record of implementing strategic change successfully and will bring a fresh, external perspective to the business".

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