Historic insurance market Lloyd’s of London appoints new chief executive
Internal candidate Patrick Tiernan takes the top job, as the marketplace also transitions to a new chairman and finance chief.
Insurance marketplace Lloyd’s of London has appointed Patrick Tiernan as its new chief executive, after previous boss John Neal said he would leave in January.
Mr Tiernan will take charge at a time of significant change at the top of the centuries-old institution, after new chairman Sir Charles Roxburgh took the post at the start of May.
Taking the top job on June 1, Mr Tiernan has been the marketplace’s chief of markets for the last four years, and was previously in director roles at insurer Aviva.
He said it is “an immense privilege” to be chosen as the new chief of the insurance and reinsurance marketplace, which was established in 1689.
While not an insurer itself, Lloyd’s is the industry’s most historic name, tracing its roots back to a 17th-century coffee house where merchants met to trade news.
It is based in the City of London and on its underwriting floor it houses the Lutine Bell, a centuries-old bell salvaged from the wreckage of the HMS Lutine, a royal navy ship which sunk in 1799.
Amid a more volatile global economy, geopolitical instability and the ongoing effects of climate change, it is undergoing its own transition to a new chair, chief executive and finance chief.
Chief financial officer Burkhard Keese left at the start of May, replaced by his deputy Alexandra Cliff.
Chairman Sir Charles said: “My first priority has been to appoint a new chief executive and I am therefore delighted that Patrick will be leading Lloyd’s in the next stage of its strategic development.
“Patrick’s profound understanding of the market, coupled with his commercial acumen and industry expertise, will ensure Lloyd’s continues to focus on delivering consistent and disciplined performance.
“The search process demonstrated to me and my colleagues on the Lloyd’s council that he was the outstanding candidate for this role. I look forward to working with him, and with all of our market participants, to ensure the future success of Lloyd’s.”
Sheila Cameron, chief executive of the Lloyd’s Market Association, said: “Throughout his time at Lloyd’s, Patrick has championed making the Lloyd’s marketplace the best it can be for all its participants.
“We look forward to continuing our deep partnership with Patrick and his team as he takes on this pivotal and privileged role at a time of critical importance for our market.”