New job will replace worldwide director of markets role

Lloyd's is to scrap the role of director of worldwide markets following the announce- ment this week that Julian James is to leave the corporation later this year.

James, an influential figure at Lloyd's, will leave Lloyd's after nine years to join global insurance broker Lockton International in April.

He will take up the newly-created position of executive chairman, international operations, in a bid to support its long-term growth strategy.

A former broker, James is thought to be leaving Lloyd's after failing last year to secure the chief executive job after Nick Prettejohn's departure.

Sources close to James said he had been waiting for a suitable offer to emerge.

A spokeswoman for Lloyd's said the corporation would be creating a new role. "It will not be a like-for-like replacement, but the role will predominantly involve business development. As yet the title and job description are to be finalised."

James had a wide-ranging role that encompassed developing Lloyd's global presence, particularly in Asia, the US and China. He also played a key role in building Lloyd's brand and its communications strategy.

Chief executive Richard Ward will now oversee Lloyd's communications strategy.

Speculation in the market has suggested that James's post is likely to be filled by a Lloyd's market figure, rather than an existing member of the corporation.

A senior market source said: "[Lloyd's] would need somebody, who can deal with relationships overseas, the US regulators and is willing to travel."

Lloyd's chief executive Richard Ward said of James: "He has been instrumental in rebuilding and developing Lloyd's global presence."