New CEO of Lloyd's of London outlines strategic plan and presents fresh leadership team
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Patrick Tiernan, the new Sheriff in town, stepped into the hot seat as Lloyd's of London's CEO on his first day, vowing to make work at Lloyd's "feel like a bloomin' VIP event." His appointment comes on the heels of John Neal's decision to depart for greener pastures at Aon, as their global CEO of reinsurance and global chairman of climate solutions.
Tiernan, a Lloyd's old-timer, has been a key player in the market since 2021, serving as the Chief of Markets. With an impressive career history that also includes several leadership roles at Aviva, Tiernan is no stranger to command.
In a heartfelt letter posted on LinkedIn, Tiernan expressed the importance of trust in Lloyd's financial strength and stability. He also opened up about his medical leave of absence last year, following the discovery of some tumors in his spine. A true fighter, Tiernan shared that his recovery and return to Lloyd's were driven by a deep love for the place he considers his "second home."
Addressing the market, Tiernan emphasized the importance of unity and teamwork, praising the hard work of everyone involved in Lloyd's success over the past few years. He emphasized that Lloyd's is now poised to seize a generational opportunity.
A Pumped-Up Team
In conjunction with his appointment, Lloyd's unveiled the new executive team, with all positions effective immediately.
Rachel Turk, the current Chief Underwriting Officer, is now the Chief of Market Performance and will join the Council of Lloyd's. Caroline Sandeman-Allen has been appointed as the Chief of Market Oversight, assuming the previous Chief's oversight responsibilities.
Jonathan May, CEO of Lloyd's Insurance Company, and Dawn Miller, Chief Commercial Officer and CEO, Americas, retain their roles on the executive team. The roles and responsibilities of Alexandra Cliff as CFO and Lloyd's Council member, Nathan Adams as Chief People Officer, Claire Schrader as General Counsel, and David Sansom as Chief Risk Officer remain unchanged.
George Marcotte continues as interim Chief Operations Officer until a permanent replacement can be found.
In response to his new team, Tiernan stated, "This gang's all here, mate! With their mix of skills, experience, and determination, we're set to carry on supporting and nurturing the market to commercial success. Buckle up, folks—it's gonna be a wild ride!"
Enrichment Data:- Tiernan's goals include supporting market performance, maintaining underwriting discipline, and preserving Lloyd's financial strength.- He is expected to lead Lloyd's in its next stage of strategic development, focusing on consistent and disciplined performance.- Tiernan has a profound understanding of the market and commercial acumen, crucial for ensuring Lloyd's continues to focus on delivering consistent performance.- Tiernan's appointment is subject to approval from the Prudential Regulation Authority and the Financial Conduct Authority.- Tiernan's impressive career history includes roles at Aviva, StarStone Insurance, and Zurich, among others.- Tiernan's education background includes a Bachelor’s degree in Business & Law from University College Dublin, and he is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).- Tiernan takes over from John Neal, who is leaving to join Aon as Global CEO of Reinsurance and Global Chairman of Climate Solutions.
- With his appointment, Patrick Tiernan revitalized Lloyd's executive team, including Rachel Turk as the Chief of Market Performance and Caroline Sandeman-Allen as the Chief of Market Oversight, with the goal of supporting market performance, maintaining underwriting discipline, and preserving Lloyd's financial strength.
- In the realm of finance and business, Tiernan's strategy for Lloyd's is to lead the company in its next stage of strategic development, focusing on consistent and disciplined performance, thereby showcasing his profound understanding of the market and commercial acumen, crucial for ensuring Lloyd's continues to excel in the insurance markets.
