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Lloyd’s of London has appointed Patrick Tiernan as its chief executive officer after incumbent John Neal revealed in January he was going to step down.
Tiernan is no stranger to leadership positions at Lloyd’s. He has served as chief of markets at the marketplace for the past four years.
He previously held several leadership roles at Aviva, most recently as its managing director of UK commercial lines and global corporate and specialty.
The Council of Lloyd’s appointed him and will take on the leadership position on 1 June, subject to approval from the Prudential Regulation Authority and the Financial Conduct Authority (FCA).
Neal will finish his term as Lloyd’s CEO on 31 May and then join Aon as its global CEO of reinsurance and global chairman of climate solutions.
Tiernan said: “It is an immense privilege to be chosen as the next chief executive of Lloyd’s. I am excited to lead such a talented and dedicated group of people.”
“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.”
He highlighted that his “primary focus will be supporting the commercial success of our market participants while keeping an iron grip on underwriting discipline and safeguarding the corporation’s financial strength.”
“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,” he added.
Sheila Cameron, CEO of the Lloyd’s Market Association (LMA) said: “The LMA hugely welcomes the appointment of Patrick Tiernan as the next CEO of Lloyd’s. 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,” she added.
