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Naguib Kheraj announced as Chairman along with additional Board changes


15th January 2018



Press Release



Rothesay Life announces that Naguib Kheraj, who has been a Non-Executive Director of the company since 2014, has been appointed Chairman of the Board. Naguib will succeed Ray King who has been on the Board since 2014 and Chairman since March 2016.  Ray will remain on the Board as an independent Non-Executive Director.

Naguib is currently Deputy Chairman of Standard Chartered and has held senior positions at a number of international financial institutions including as Vice Chairman and Group Finance Director of Barclays and as Chief Executive Officer of JPMorgan Cazenove. He also held senior positions at Robert Fleming and at Salomon Brothers where he started his banking career in 1986.

Naguib currently spends a substantial amount of his time in not-for profit endeavours.  He is a Senior Advisor to the Aga Khan Development Network and serves on a number of non-profit entity boards within the Aga Khan Development Network. He is also a member of the Investment Committee of Wellcome Trust and an external member of the Finance Committee of Oxford University Press.

Naguib has in the past served as a Non-Executive Director of NHS England, as a Senior Advisor to Her Majesty’s Revenue and Customs Service as well as to the Financial Services Authority in the UK.

Naguib’s appointment has been approved by the Prudential Regulation Authority.

Rothesay Life today also announces that Stan Beckers and Terry Miller have joined the board as independent Non-Executive Directors and Glenn Earle and Dermot McDonogh have stepped down as Directors.

Naguib Kheraj, Chairman, said: “Rothesay Life is an exciting growing business which has a first class management team and a powerful group of committed shareholders.  I am delighted to be taking on the role of Chairman as we embark on the next phase of development of the company and I am pleased Ray will continue to offer his valuable contribution to the Board”


For further information, please contact:

Alex Child-Villiers or William Barker, Temple Bar Advisory                    07795 425580 / 07827 960151


Notes to Editors




Stan Beckers

Stan Beckers retired from his role as Chief Executive Office of NN Investment Partners B.V. in 2017, having previously been Co-Head, Blackrock Solutions at Blackrock Advisors (UK) Limited and, prior to that, had spent 6 years with Barclays Global Investors Ltd, most recently as Chief Investment Officer, Scientific Active Equity Europe. Stan started his career at BARRA (now MSCI BARRA) where, over a 20 year period, he established and managed its non-US operations. Stan was previously a Non-Executive Director of Robeco N.V. and a Non-Executive Director of Kas Bank N.V.


Terry Miller

Terry Miller was previously General Counsel for The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) and an independent Non-Executive Director of the British Olympic Association. Terry is currently a Director and Trustee of the Invictus Games Foundation and a Non-Executive Director of Goldman Sachs International Bank. Prior to her LOCOG appointment, Terry was International General Counsel for Goldman Sachs, having spent 17 years with Goldman Sachs based in London. Terry also serves as Non-Executive director and Senior Independent Director on the board of Galliford Try plc.

About Rothesay Life

Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the U.K. market for pensions de-risking, making £1.3bn of payments in respect of over 400,000 end customers each year. This strong growth has been achieved through the steady accumulation of pension scheme clients, significant strategic acquisitions and the reinsurance of annuity portfolios. Existing Rothesay Life clients include the pension schemes and members associated with such names as RSA, British Airways, Rank, Uniq, General Motors, the MNOPF (Merchant Navy Officers Pension Fund), InterContinental Hotels, Philips, GKN, Lehman Brothers and the Civil Aviation Authority.

Rothesay Life was founded on several core pillars:

  • Clear and disciplined business strategy;
  • Prudent underwriting;
  • Meticulous management of risk and cautious investment strategy offering absolute customer security;
  • Excellence in execution; and
  • Robust operational processes underpinning excellent customer service

Rothesay Life has three substantial institutional shareholders, GIC, Blackstone and Massachusetts Mutual Life Insurance Company, who provide the company with long term support for its growth and development.

Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Further information is available at