Lloyd's is to announce the departure of its chief executive, Nick Prettejohn.

It is understood that Prettejohn will take on the role of chief executive at Prudential, the life insurer.

Market sources have suggested that City headhunter Russell Reynolds had been on the hunt to find Prettejohn a new high profile position at either a City bank or another insurer.

It has been rumoured that he may have been interviewed by Jardine Lloyd Thompson, as chairman Ken Carter had enlisted Reynolds to find a new chief executive.

It is understood a statement will be given regarding Prettejohn's departure by Lloyd's on Monday morning.

Prettejohn, 45, joined Lloyd's in 1995 as head of strategy. He played a key role in the reconstruction and renewal (R&R) process, which reorganised Lloyd's after the losses of the late 1980s and early 1990s.

Following the successful completion of R&R in 1996, he became managing director of Lloyd's business development unit and in 1998 he also assumed responsibility for the Lloyd's North America business unit. He was appointed chief executive of Lloyd's in July 1999.

The top candidate to replace Prettejohn at Lloyd's is current worldwide markets director Julian James.

James joined Lloyd's in December 1997 as head of its North America business unit. He was appointed worldwide markets director in December 2000.

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