Insurance market Lloyd's of London has recruited Bruce Carnegie-Brown as its new chairman ahead of John Nelson's departure.

Mr Carnegie-Brown will take the helm in June following approval from the Prudential Regulation Authority and the Financial Conduct Authority.

He is currently chairman of Moneysupermarket.com and vice-chairman of Banco Santander.

The move will signal the departure of Mr Nelson, who has been chairman of Lloyd's for close to six years.

In a statement, the incoming chairman said: "I'm delighted to be joining Lloyd's of London and to have the chance to work with a very talented group of market professionals who all share a passion for enhancing London's position as the pre-eminent global centre for structuring and placing complex insurance risk."

Born in Sierra Leone in 1959, Mr Carnegie-Brown spent 18 years at JPMorgan Chase and four years at Bank of America before taking up roles at Close Brothers and Aon UK.

He was also a founder and managing partner of the listed private equity division of 3i Group.

Lloyd's chief executive Inga Beale said Mr Carnegie-Brown's experience across insurance and banking would give the group a "unique perspective" in the marketplace.

"As we take forward our plans to modernise the London market and ensure it remains the hub of specialist insurance and reinsurance, Bruce's input will be invaluable."

It comes as the insurance market gears up to reveal a location for a potential EU subsidiary as part of its Brexit contingency plans by the end of the first quarter.

It would give Lloyd's of London access to the single market even if the Government follows through with plans for a hard Brexit.

Sources told the Press Association earlier this month that Luxembourg has emerged as the frontrunner on a shortlist of five sites - also featuring Malta, Dublin, Frankfurt and Paris.

The move could see more than 100 jobs at the insurance market shifted from London to the continent.

Lloyd's generates around 11% of its revenue in continental Europe, with the firm previously warning that losing single market access would be detrimental.