New CEO at Lloyd’s

Lloyd’s has announced that Patrick Tiernan (pictured) has been appointed as chief executive by the Council of Lloyd’s.

He will commence his tenure on 1 June 2025, although the appointment is subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority.

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.

Before joining Lloyd’s, Patrick 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. Previous to this he was the chief operating officer of StarStone Insurance and chief executive of Zurich’s Centrally Managed Businesses.

Sir Charles Roxburgh, Chair of Lloyd’s, 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.

“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.”

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.

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

“My primary focus will be supporting the commercial success of our market participants while keeping an iron grip on underwriting discipline and safeguarding the financial strength of the Corporation.

“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.”

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