Lloyd’s Note on Prettejohn

October 18, 2005

In a brief announcement Lloyd’s acknowledged the announcement by the U.K.’s Prudential Plc that CEO Nick Prettejohn will leave his post at the end of the year to become chief executive of the company’s U.K. insurance operations (See IJ Website Oct. 17).

“Nick will remain as Chief Executive at Lloyd’s until the end of the year,” said the announcement. “As from 1 January 2006, Luke Savage will be Acting Chief Executive until a successor is in place. At that point, Luke will revert to his full time role as Director, Finance and Risk Management. The process for appointing a successor will be overseen by Lloyd’s Nominations, Appointments and Compensation Committee. Lloyd’s will keep the Market updated as appropriate.”

Lloyd’s Chairman Lord Peter Levene commented: “As Chairman, I have seen at close quarters the effort and dedication which Nick has put into his job. I believe we all owe him a huge debt of gratitude. I am extremely sorry to lose Nick as a close and valued colleague. He is, however, moving on to a most challenging post and I am sure you will all join with me in wishing him every success in the future.”

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