John Lloyd, CEO of JLT Specialty, will step down at the end of 2015, although he will remain with the group, it has been announced.
JLT Speciality is part of Jardine Lloyd Thompson Group, Lloyd was one of the founding partners of what became the Lloyd Thompson Group, serving as chairman of Lloyd Thompson prior to its merger with Jardine Insurance Brokers in 1997.
Paul Knowles has been named as Lloyd's successor with Lucy Clarke as his deputy from 1st January 2016 subject to FCA approval.
Knowles will join the JLT Group Executive Committee.
Dominic Burke, CEO of JLT Group CEO, said: "John Lloyd's contribution to JLT has been truly outstanding. He has played an extremely influential role in the Group's development to become the global, Specialty-led force that we are today.
"He has always been fiercely protective of our clients and our people and a true champion of our values.
"Indeed, JLT's culture is one that he has helped shape and that, in many ways, reflects the principles upon which he has built his own career.
"I am delighted that we will continue to benefit from his experience and entrepreneurial drive.
Commenting on the appointment of Knowles and Clarke, Burke said: "Together, they represent a formidable team with the right mix of experience and entrepreneurialism to take JLT Specialty Ltd forward and drive its continued growth.''
John Lloyd, CEO of JLT Specialty Ltd, said: "I am very proud of the contribution I have made to the success of JLT and, before that, Lloyd Thompson during my 42 years in the industry.
"While this is the right time for me to step down from a day-to-day people management role, my long-term commitment to JLT remains as strong as ever.
"I am very excited to be continuing to help further develop and grow JLT by working with our key clients and markets, as well as with all my colleagues across the Group. I also look forward to having more time to devote to my various charitable interests."
Paul Knowles, CEO-elect of JLT Specialty, said: "Lucy and I are delighted to have been given the opportunity to lead JLT Specialty when John steps down and that we will continue to be able to benefit from his knowledge and experience.
"We are committed to continuing to grow the business and are both excited by the opportunities ahead of us and encouraged by the strong support we have received from our clients, colleagues and markets around the world."