The coming year will see a few changes at Lloyd's. Other than the obvious fall-out from New York, the major shake-up will be Sax Riley's retirement from the chairman's post.

Rumour has it that this summer, Lloyd's will be actively seeking a high-profile figure to take the hottest seat in the City. Though prestigious, the job is regarded as a poisoned chalice and many senior executives have politely declined the offer already it seems.

Paul Myner, the City darling and ex-head of fund management giant Gartmore, has been interviewed, but as yet is undecided. Whoever signs up will face the challenge of a lifetime. They need to be cool, extremely calm and media savvy with skin as thick as a rhino - it is not a job for the faint-hearted.

Back in 1995, David Rowland steered the corporation through its darkest days. After his involvement with the reconstruction, and the establishment of Equitas, he moved on to chair Natwest and gained a knighthood for his services.

His righthand man was Ron Sandler who is now performing his own review of the financial services sector for the Treasury. He would be perfect but those close to him know he would need a serious incentive to return to the market.

The more likely candidates would come from Lloyd's committees. Hiscox's South African chairman Bronek Masojada is definitely a 6-1 bet along with Stephen Catlin, chairman of the Lloyd's Market Association committee. A strong 8-1 bet.

An international recruitment agency is ready to scour the globe for a prospective candidate, we are told, so the job may go to someone outside the London Market.