Prettejohn leaves Lloyd’s for Prudential
Nick Prettejohn, the chief executive of Lloyd’s of London, is set to join Prudential as its boss in Britain.
Confirmation of the appointment, due today, comes as the Pru prepares to reveal the outcome of a root and branch strategy review later this month to be published alongside third quarter results.
Prudential’s chief executive Mark Tucker, who joined the life assurer in May, has been looking at all aspects of the business. Tucker replaced Jonathan Bloomer, who resigned after shareholders recoiled at plans for a £1bn rights issue announced last year.
Prettejohn is due to join Prudential at the beginning of next year.
The Lloyd’s boss has been at the helm of the insurance market since 1999 and recently presided over the insurer’s first public issuance of interim results in its 300-year history.
The restructured group said on 6 October it had enjoyed a good first half to the year and that it would make a full-year profit despite a £1.4bn hit from Hurricane Katrina.
Prettejohn is credited with steering a steady course through challenging times after 9/11 and a series of natural disasters that hit the global insurance market.
He is also credited with helping the market overcome problems stemming from its losses in the 1980s. He has never run a British life and pensions company before, however.
