Mark Tucker, group chief executive of Prudential, said: "Nick's background and experience mean that he is well suited to lead our UK Insurance Operations to the next stage in their development. He is widely respected in the industry and across the financial community."

He continued that Mr. Prettejohn has "broad and relevant experience of the financial services market and has a track record of implementing strategic change successfully and will bring a fresh, external perspective to the business."

Mr. Prettejohn said there is huge potential for Prudential's business in the U.K., and "I look forward to working with the board and the management team to deliver strong, profitable growth."

Lloyd's chairman, Lord Peter Levene, in a statement to Lloyd's staff said: "I am extremely sorry to lose Nick as a close and valued colleague. He is, however, moving on to a most challenging post and I am sure you will all join with me in wishing him every success in the future."

Mr. Wood said that "leading Prudential's U.K. operations during such a dramatic period of change has been an immense and rewarding challenge. I would like to thank the excellent team that has worked with me over the past four, exciting years. I wish Nick the best of luck as he takes over the reins as I prepare for new challenges."

Mr. Prettejohn joined Lloyd's in 1995 as head of strategy. He played an instrumental role in the reconstruction and renewal process, which reorganized Lloyd's after the losses of the late 1980s and early 1990s, according to Lloyd's Web site. Before joining Lloyd's he was responsible for corporate strategy at National Freight Corporation plc, an international logistics company.