Lloyd's of London promotes Chief of Markets Tiernan to CEO

(Alliance News) - Lloyd's of London on Thursday named current Chief of Markets Patrick Tiernan as its new chief executive officer.

Tiernan will step into the role on June 1, replacing John Neal.

Neal has served as the insurance market's CEO since 2018, and will step down on May 31 to join Aon PLC as its new global CEO of reinsurance and global chair of climate solutions.

Lloyd's said Tiernan joined the company as its first chief of markets in May 2021. His responsibilities included underwriting, claims, exposure management, market oversight and international regulation, distribution and new entrant strategy.

Prior to working at Lloyd's, Tiernan held senior roles at Aviva PLC, including as chief financial officer at Aviva Insurance Ltd; was the chief operating officer of StarStone Insurance; and was also formerly the CEO of Zurich Insurance Group AG's centrally managed businesses.

"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," 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."

He continued: "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."

By Emily Parsons, Alliance News reporter

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