Lloyd’s, the re/insurance marketplace, announced that Patrick Tiernan has been appointed as chief executive officer by the Council of Lloyd’s, succeeding John Neal.
Tiernan will begin his tenure as Lloyd’s CEO on June 1 as Neal finishes his term on May 31, a role he has held since October 2018. Neal is moving to Aon where he will become global CEO of Reinsurance and chairman of Climate Solutions.
Tiernan joined Lloyd’s in May 2021 as the organization’s first chief of markets, responsible for underwriting, claims, exposure management, market oversight and international regulation, distribution, new entrant strategy, Lloyd’s Global Network, Lloyd’s Lab, Lloyd’s Academy and Lloyd’s global agents.
Tiernan said his primary focus will be to support the commercial success of market participants “while keeping an iron grip on underwriting discipline and safeguarding the financial strength of the corporation.”
He brings a wealth of experience as an insurance executive with a successful track record built up over nearly 30 years, Lloyd’s said in a statement.
Before joining Lloyd’s, Tiernan held a number of senior roles at Aviva, including managing director of Commercial Lines & Global Corporate & Specialty, and chief financial officer of Aviva Insurance Limited. Previously, he was the chief operating officer of StarStone Insurance and chief executive officer of Zurich’s Centrally Managed Businesses. He is a chartered accountant, a fellow of the ICAEW and holds a bachelor’s degree in business & law from University College Dublin.
“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,” according to new Lloyd’s Chairman Sir Charles Roxburgh, who succeeded Bruce Carnegie-Brown as chairman on May 1, 2015.
“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,” Roxburgh said, noting that the search process demonstrated to him and his colleagues on the Lloyd’s Council that Tiernan “was the outstanding candidate for this role.”
“I would like to express my gratitude to John Neal for his leadership over the past seven years. His efforts have helped Lloyd’s deliver a major turnaround in performance resulting in successive years of strong financial results, and ensured the organisation is now in the best position possible to make the most of future opportunities,” Roxburgh continued.
“The arrival of Patrick Tiernan and Charles Roxburgh as the new Lloyd’s CEO and chair is hugely welcomed by the LMA and our members,” according to Sheila Cameron, CEO of the Lloyd’s Market Association.
“They move into these roles at a pivotal point and together they have a real opportunity to take the Lloyd’s marketplace up a gear. This new team will inherit a global insurance platform in a strong position to move forward based on sound foundations: performance has shifted strongly forward; innovative capital solutions have come to the fore; regulation has become outcome and principle-focused; and we’ve made a step change in our approach to cultural change across the market,” she added..
“Throughout its long history, Lloyd’s has had an outsized impact on the global insurance industry. I am deeply aware of the responsibility this confers on its leaders, and I intend to protect the profitability, ingenuity and integrity of this great organisation,” Tiernan went on to say.
Tiernan’s appointment is subject to approval and consent from the UK regulators, the Prudential Regulation Authority and the Financial Conduct Authority.
Topics Excess Surplus Lloyd's
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