UK-based insurance marketplace Lloyd’s of London has appointed Burkhard Keese as its new CFO, effective 1 April 2019.

Keese will replace the John Parry, who is retiring after five years in the job.

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Prior to Lloyd’s, Keese spent around 14 years at Allianz Group. He has been working as the CFO of Allianz Deutschland since 2012 and helped to implement the EU’s Solvency II capital rules. He also oversaw a €300bn investment portfolio for Allianz.

Before that, he acted as the executive vice president and chief operating officer of the global finance function of Allianz.

Lloyd’s of London CEO John Neal said: “I am delighted to welcome Burkhard to Lloyd’s. He is an accomplished Chief Financial Officer with leadership experience across financial, capital and investment management as well as proven expertise in business transformation.

“Burkhard joins Lloyd’s at an exciting time. We are working with all our stakeholders to significantly improve near term profitability and to ensure Lloyd’s can remain at the forefront of commercial, corporate and specialty insurance and reinsurance for years to come.”

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Commenting on his appointment, Keese said: “It has been a tough decision to leave Allianz Deutschland, but I’m excited to join Lloyd’s in 2019 as its Chief Financial Officer. For me, it is an incredible opportunity to play a part in Lloyd’s success.

“For 330 years Lloyd’s has been taking on the world’s risks and that longevity demonstrates its enduring relevance. As one of the oldest and most respected insurance brands in the world, there is nothing else like it, and I’m thrilled to be given this opportunity.”

In the new role, Keese will be responsible for financial reporting for the corporation and the market, capital setting and capital adequacy, tax, treasury and investment management.

Lloyd’s said that the appointment is subject to approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).