The Board

Naguib Kheraj CBE

Non-Executive Chairman

Naguib Kheraj is Chair of Rothesay’s Nomination Committee, Chair of Remuneration Committee and member of the Board Risk Committee. 

Naguib is a Senior Advisor to the Aga Khan Development Network and serves on the Boards of various entities within the Network. Naguib is also Chairman of Petershill Partners and an adviser to Queensway Group, a hospitality business. 

Naguib began his career at Salomon Brothers and went on to hold a number of senior positions at leading financial institutions. He served as Group Finance Director and Vice-Chairman and in various business leadership positions at Barclays and was CEO of JP Morgan Cazenove. He also served as Deputy Chairman of Standard Chartered plc and chaired its Audit Committee and Risk Committee during his tenure. Naguib was formerly a member of the Board of GAVI, the vaccine alliance and chaired the Audit and Finance Committee, a member of the Investment Committee of Wellcome Trust, the Finance Committee of Oxford University Press, the Finance Committee of the University of Cambridge and served on the Boards of NHS England and the US-UK Fulbright Commission.

Tom Pearce

Chief Executive Officer

Tom Pearce is Co-Founder and CEO of Rothesay. Tom founded Rothesay with Addy Loudiadis in 2007 and was previously its Managing Director. Tom has overall responsibility for Rothesay’s strategy and operational delivery, including Business Development, Financing, Investment Origination and Operations. Tom has been a Board Director of Rothesay since 2016 and he also sits on the Board of the Association of British Insurers.

Prior to founding Rothesay, Tom was part of the Fixed Income and Investment Banking team at Goldman Sachs with responsibility for pension fund and insurance company clients. 

Tom has an economics degree from Cambridge University and lives in London with his wife and two children. 

Graham Butcher

Chief Financial Officer

Graham Butcher is Rothesay's Chief Financial Officer, responsible for all divisions of Rothesay’s finance function, including financial reporting, capital management, product control and actuarial assurance. As Chief Financial Officer, Graham also oversees corporate strategy and new business underwriting. 

Graham joined Rothesay in 2007 and was previously the company’s Head of Strategy and Chief Underwriting Officer, where he led all strategic initiatives, business planning and the pricing, underwriting and risk management of new business. Prior to joining Rothesay, Graham was at Willis Towers Watson where he qualified as Fellow of the Institute of Actuaries in 2006.

Terry Miller CBE

Senior Independent Director

Terry Miller is Chair of Rothesay’s Customer Conduct Committee and a member of the Audit Committee, Nomination Committee and Remuneration Committee.

Terry is a Director of the Rothesay Foundation, Non-Executive Director of Goldman Sachs International Bank, a Non-Executive Director of Goldman Sachs International and a Non-Executive Director and Safeguarding Champion of the British Equestrian Federation. She is also Chair of the Nominations Committee and the Remuneration Committee for Goldman Sachs International Bank and Goldman Sachs International.

Terry was previously with Goldman Sachs for 17 years, most recently as a partner and International General Counsel. She went on to be General Counsel of The London Organising Committee of the Olympic and Paralympic Games (LOCOG), Director and Trustee of the Invictus Games Foundation, Non-Executive Director of the British Olympic Association and Non-Executive Director and the Senior Independent Director of Galliford Try Plc and of Stelrad Group Plc.

Sophie O’Connor

Non-Executive Director

Sophie O’Connor is Chair of Rothesay’s Audit Committee and a member of both the Board Risk Committee and Customer Conduct Committee.

Sophie currently holds Non-Executive directorship roles at SMBC Bank International PLC, Bupa Insurance and Tide Holdings Limited.

Sophie started her career at Ernst and Young, and then worked for Bank of America Merrill Lynch (previously Merrill Lynch) in the UK and US, where she held a number of senior Finance and Chief Operating Officer roles. She previously held Non-Executive positions at Scottish Widows, Lloyds Banking Group Insurance and Embark Group (subsidiaries of Lloyds Banking Group), Sanne PLC, BNY Mellon (International) Bank, Reliance Mutual and Mineworkers’ Pension Scheme and was also a Trustee of Chance to Shine.

Ed Giera

Non-Executive Director

Ed Giera is Chair of Rothesay’s Board Risk Committee and a member of the Audit Committee, Nomination Committee and Remuneration Committee.

Previously, Ed was Global Head of Pensions Advisory at JP Morgan and held other senior roles during a twenty-year career with the investment bank. He was the Senior Independent Director of Santander UK Group Holdings, Chair of the Board Risk Committee, and member of the Audit, Remuneration, Responsible Banking, and Nomination Committees. Ed chaired Pension Insurance Corporation Group’s Audit & Risk Committee and was a member of the Board Origination Committee. He also served on the Board of ICBC Standard Bank Plc and was a member of the Risk and Audit Committees.  

Bruce Carnegie-Brown

Non-Executive Director and Chair Designate

Bruce Carnegie-Brown is a member of the Nomination Committee and the Remuneration Committee.

Bruce is Chair of the Leadership Council of TheCityUK, Chairman of Cuvva, a digital motor insurance business, Chairman of Ebury Partners, a global fintech business and Chairman of Gresham House, a specialist alternative asset manager. Bruce became a Deputy Lieutenant of Greater London in 2015.

Bruce has held a number of executive and non-executive positions in financial services. He has served as Chairman of Lloyd's of London, Vice Chairman and Lead Independent Director of Banco Santander, Chairman of Moneysupermarket Group plc (now MONY Group plc), Chairman of Aon UK Ltd, Non-Executive Director of JLT Group plc and Senior Independent Director of Catlin Group Ltd and Close Brothers Group plc, among other non-executive roles. He is a Past President of the Chartered Management Institute and the Institute of Financial Services (now LIBF). 

Bruce began his career at Bank of America, before joining JP Morgan and working there for 18 years in various senior positions. He then became Chief Executive of Marsh McLennan’s UK, European and Middle East businesses and, after that, was Managing Partner of 3i Group plc's Quoted Private Equity Division.

In addition, Bruce was formerly Chairman of Marylebone Cricket Club, Trustee of Historic Royal Palaces and of Shakespeare’s Globe Trust.

Angela Darlington

Non-Executive Director

Angela Darlington is a member of Rothesay’s Audit Committee, Board Risk Committee, Customer Conduct Committee and Nomination Committee.

Angela is currently a Council Member of the London School of Hygiene & Tropical Medicine and a Non-Executive Director of Yorkshire Building Society.

Angela started her career with Bacon & Woodrow and then worked with William M Mercer on a wide variety of actuarial assignments across many countries. Angela joined Aviva in 2001 where she held a number of senior roles including UK Life Chief Risk Officer, Group Chief Risk Officer and CEO of Aviva’s UK Life and Health Insurance business. Most recently, Angela was on the Board of the Association of British Insurers as well as Member and Chair of the Scenario Analysis Working Group at PRA-FCA Climate Change Forum.

Heather Jackson

Non-Executive Director

Heather Jackson is a member of Rothesay’s Audit Committee,
Board Risk Committee and Customer Conduct Committee.

Heather currently holds Non-Executive directorship positions at Ikano Bank AB, Skipton Building Society Group and The Veterinary Defence Society. She is also a Trustee with Yorkshire Cancer Research.

Heather has held senior positions across retail and financial services, specialising in technology and change leadership. She was Chief Information Officer for Capital One (in the UK & Europe) and, subsequently, Global CIO at HBOS / Lloyds. At HBOS / Lloyds, she also led several functions, including payments, procurement, operations and human resources. She previously held Non-Executive directorship positions at JD Sports Fashion, Lookers PLC, Tandem Bank and the Child Maintenance Enforcement Commission.

Lisa Arnold

Non-Executive Director

Lisa Arnold is a member of both Rothesay’s Customer Conduct Committee and Remuneration Committee.

Lisa currently holds Non-Executive roles at Polar Capital Global Healthcare Trust PLC, PIMCO Europe Ltd, Whitbread UK Pension Fund and Allied Domecq Pension Fund.

Lisa has held senior positions across financial services, specialising in pharmaceutical, healthcare and biotech. She previously held Non-Executive positions at J Sainsbury Pension Scheme, Aquila Energy Efficiency Trust, GSK Pension Scheme & Fund, Tate & Lyle Pension Trust, Cheltenham Ladies College, John Laing Pension Trust, Futura Medical PLC and MHRA (Medicines and Healthcare products Regulatory Agency).

Katherine Garner

Non-Executive Director

Katherine Garner is a member of Rothesay’s Audit Committee, Board Risk Committee and Customer Conduct Committee.

A Fellow of the Institute of Actuaries since 1997, Katherine was previously the Chief Executive Officer of Sun Life Financial of Canada in the UK and a member of its Board of Directors.

Katherine started her employment with Sun Life Financial of Canada in 2008 and, prior to that, was employed by HSBC, where her roles included, Head of Operations, Head of Life Insurance and also Finance Director of the Dublin life company and Deputy Head of Investments in the UK. Katherine was also a Non-Executive Director of Reclaim Fund Limited. 

Arjun Gupta

Non-Executive Director

Arjun Gupta is a member of both Rothesay’s Nomination Committee and Remuneration Committee.

Arjun is President of Europe at GIC. In this role, he heads GIC’s London office, which covers Europe, the Middle East, and Africa. Arjun is a member of the GIC Global Leadership Group and in addition, he is co‐chair of the GIC Healthcare Business Group, a member of the Integrated Strategies Group Investment Committee, and a member of the Global Leadership Group Nominating Committee.

Arjun joined GIC Private Equity in 2010 and subsequently held roles as Head, Portfolio within Private Equity and Head, Consumer and Healthcare for Private Equity. He also served on the Private Equity Management and Investment Committees.

Prior to joining GIC, Arjun spent over 20 years in the consumer goods industry with Kraft Foods, where his last two roles were as Managing Director, Greater China and President, Asia Pacific.

Tim Corbett

Non-Executive Director

Tim Corbett is a member of both Rothesay’s Nomination Committee and Remuneration Committee.

Tim is the former Chief Investment Officer of MassMutual. He joined as Chief Investment Officer in 2011 with responsibility for MassMutual’s overall investment strategy for the company’s general account.  He retired from the company in 2023.

Prior to joining MassMutual, Tim had been Chief Investment Officer and head of Pension Fund Management with the State of Connecticut Treasurer’s Office since 2009. Tim began his professional career at Aetna in 1982, where he ultimately became Head of Portfolio Management, responsible for investment policy and strategy for a $20 billion general account portfolio.

From 2002 to 2008, Tim served as Managing Director and Head of Asset Management at Hartford Investment Management Company. 

Robin Jarratt

Non-Executive Director

Robin is a GIC Global Industrial Adviser. He was formerly Head of the Private Credit Group at GIC, with responsibility for all private credit investments in the US, Europe, and Asia. Robin retired from GIC in 2024.

Geoff Craddock

Non-Executive Director

Geoff Craddock is MassMutual’s Chief Risk Officer. Geoff began his career in a range of trading and brokerage positions with various investment banks beginning in Europe. Subsequently, he held roles at the Canadian Imperial Bank of Commerce (CIBC) where he oversaw global market risk management for the bank’s investment banking, trading and retail activities.

In 2008, Geoff joined MassMutual’s asset management subsidiary, OppenheimerFunds, establishing and leading their risk management and asset allocation function after the global financial crisis, enhancing their governance structure and facilitating execution of strategic initiatives. Geoff also served as the leadership sponsor for OppenheimerFunds corporate giving program. Geoff assumed his current role at MassMutual in 2017.