Kinnect chief executive Ashok Gupta will be replaced by Toby Davies from 9 February.

Toby Davies has led several major projects at CREST, the UK's security settlement system. He joins Kinnect from the UK Debt Management Office, where he was a senior official.

Lloyd's said Toby Davies will work closely with Iain Saville, executive chairman, to accelerate the development of technology for placings in the Lloyd's marketplace. Iain Saville also worked at CREST.

Lloyd's said Gupta will continue his involvement with Kinnect, providing strategic input on a consultancy basis.