Ex-Hermes pension chief short-listed as candidate

Four candidates have been selected for the Lloyd's chairmanship by headhunters Russell Reynolds, according to market sources.

It is thought ex-Gartmore chief Paul Myners remains on the list, while ex-Hermes' pension chief executive Alistair Ross Goobey is another possible contender plus two others.

Russell Reynolds began a search to find a replacement for Sax Riley last year.

The hunt was put on hold following Riley's creation of a strategy group last April to modernise the market.

At the time, Lloyd's said Riley was staying on to implement the recommendations of the group. Management consultancy Bain & Co was also involved in the proposals.

Senior industry figures confirmed a new search began in January and four individuals had been short-listed.

The sources said Lloyd's was looking for an internationally renowned figure, with experience in financial services, but not necessarily in the insurance industry.

Goobey, who has retired from pensions giant Hermes, is a special adviser to J P Morgan and worked closely with the Treasury during the Lamont/Lawson era.

He has also been on the Council of Lloyd's for four years.

Last week he hinted at a conference he was looking for a short-term senior executive role.

The Lloyd's chair usually serves for three years.

Kiln chairman David Gilchrist, due to retire in July, said he was not a candidate.

"They want someone from outside the Lloyd's community," said Gilchrist.

"The chairman should be someone who has been a successful international businessman, who could bring greater value to Lloyd's. He should have a broad experience of financial services. We need access to people in the Bank of England and to the chancellor."

Lloyd's and Russell Reynolds declined to comment.