CRO (Chief Risk Officer) For Lloyd’s Managing Agent

The client is a Lloyd’s managing agency writing both reinsurance and specialty business. It operates within a highly regulated environment, managing a diverse global portfolio. The CRO role is responsible for designing and embedding a fit-for-purpose risk framework while fostering strong relationships with regulators, shareholders, and internal stakeholders. The successful candidate had to be able to translate complex risk concepts into actionable strategies that aligned with business objectives and created a healthy risk culture.

A key challenge in this search was the need for a candidate who had extensive experience building trusted relationships with regulatory bodies, including the PRA and Lloyd’s. The candidate would also be succeeding an incumbent who had deeply embedded practices, which required a balance between continuity and innovation. They also needed to be able to change the perception of the risk function from “business prevention” to a critical enabler of strategy.

Damhurst faced a scarcity of candidates with the requisite technical expertise, leadership capabilities, and the ability to influence board-level decision-making. We were also committed to maintaining a diverse pipeline in an industry where senior leadership roles often lack representation. Finally, the regulator insisted on having two actuaries within the organisation (a Chief Actuary and an actuary as CRO), while the business prioritised a strategic-thinking risk officer.

• We identified a universe of 436 profiles across global markets, focusing on senior risk professionals in insurance and reinsurance.
• The longlist of 15 candidates featured 40% female and 25% ethnic minority representation.
• We combined psychometric assessments with in-depth interviews to evaluate leadership potential, technical skills, and cultural alignment.
• We engaged closely with leadership to refine the candidate profile, ensuring alignment with the company’s strategic priorities.
• To navigate regulator concerns and unlock a bottleneck, we worked with one of our strategic partners who was a former Head of Insurance Supervision at the FCA. This partner provided a regulatory perspective, helping the client articulate the strategic rationale for their preferred candidate to regulators.
• This specialist input enabled the client to move beyond regulatory compliance details and focus on selecting the best candidate for the business.

• The longlist featured a mix of internal and external candidates, including a CRO known for navigating regulatory complexities and fostering a culture of transparency, and a former group risk director with a background in restructuring and crisis management.
• The successful candidate is a former regulator, recognised for his ability to simplify complex risk concepts, build robust risk frameworks, and foster collaboration across global teams.
• Since his appointment, the CRO has been praised for his hands-on leadership and ability to align business strategy with risk management.

Damhurst successfully completed the search to the satisfaction of all involved and following a rigorous evaluation process. The first-choice candidate accepted the role, starting later that year. His leadership has already been instrumental in enhancing the client’s risk framework, restoring regulatory confidence, and aligning the risk function with the company’s strategic goals.

Under the candidate’s tenure, the client has seen significant enhancements in its risk management framework and broader recognition for its innovative approach to risk culture. The candidate has also won multiple industry awards in the risk space.