Patrick Tiernan appointed Lloyd’s CEO

Tiernan’s appointment comes just a week after Sir Charles Roxburgh, the new chair of Lloyd’s, said hiring a new CEO was his “primary focus”.

He also said the new CEO would be tasked with “supporting the commercial success of market participants while keeping an iron grip on underwriting discipline and safeguarding the financial strength of the Corporation.”

Speaking today (8 May) about his appointment, Tiernan said: “We will work at pace to spur innovation, deliver an open and efficient model that accentuates the unique advantages of the Lloyd’s network, and foster an inclusive culture that attracts the best talent from around the world.

“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.”

History

Tiernan joined Lloyd’s in May 2021 as the organisation’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.

His three decades of insurance experience includes senior roles at Aviva, including managing director of commercial lines & global corporate & specialty and chief financial officer and CEO of Zurich’s Centrally Managed Businesses.

Roxburgh said the search process for Neal’s successor demonstrated to him and his colleagues on the Lloyd’s Council that Tiernan was the outstanding candidate for the role.

“I look forward to working with him, and with all of our market participants, to ensure the future success of Lloyd’s,” he said.

On the outgoing Neal, Roxburgh continued: “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.”

Immense privilege

Tiernan added it was an immense privilege to be chosen as Neal’s replacement, after he opted to join Aon as its global CEO of reinsurance and global chairman of climate solutions this year.

“I am excited to lead such a talented and dedicated group of people,” he said. “I have strong confidence in what we can achieve together and look forward to adding another successful chapter to the history of this storied institution. 

“I would like to express my gratitude to Charles and the Council for their faith in me. I also want to thank [former chair] Bruce Carnegie-Brown, [former CEO] John Neal and [former CFO] Burkhard Keese for leaving the market in such robust health.”

Tiernan’s hiring comes within weeks of Lloyd’s and Velonetic confirming the phase one cutover for the London market’s Blueprint Two modernisation programme will not take place this year.

Post understands that the earliest testing for the programme will now commence in May this year, with wider testing among a select ‘Vanguard’ group of carriers, brokers and vendors set to begin in October.