Ward Assumes Lloyd’s CEO Role

April 24, 2006

Richard Ward officially took up his duties as Lloyd’s new CEO today, replacing Nick Prettejohn, who resigned last December to head Prudential (U.K.)’s domestic insurance operations and taking over from interim CEO Luke Savage.

He previously served as vice-chairman of the newly re-branded ICE Futures (formerly the International Petroleum Exchange IPE) where he was CEO for six years, successfully leading the organization through a series of changes, culminating with a listing on the NYSE.

Interviewed on the Lloyd’s Website (www.lloyds.com), Ward called Lloyd’s “a fantastic brand and an unrivalled, unique heritage.” He said: “It has met big challenges in the past but it is clear that further challenges lie ahead. The chance to lead a brand of that stature to the next level, comes once in a lifetime.”

He reiterated his dedication to introduce needed changes, and also noted that he doesn’t feel his lack of insurance industry experience will present insurmountable problems. He said he’s “learning fast,” and also reminded people that he had had little experience in the energy derivatives business when he joined IPE, but he “learnt about complex markets very quickly.”

He also acknowledged that he would be “supported by an excellent executive team and Chairman at Lloyd’s,” and said he hoped to “bring a fresh perspective,” after “working in the risk management business for sixteen years.”

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