Lloyd's of London has named Patrick Tiernan as its new CEO, succeeding John Neal who announced his departure in January.
Tiernan, who has led Lloyd's markets division for four years, has extensive leadership experience, including various roles at Aviva, where he most recently served as managing director of º£½ÇÊÓƵ commercial lines and global corporate and specialty, as reported by .
Set to take the reins on 1 June, pending regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority, Tiernan was appointed by the Council of Lloyd's.
John Neal will conclude his tenure as CEO on 31 May before joining Aon as global CEO of reinsurance and global chairman of climate solutions.
Commenting on his appointment, Tiernan stated: "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 emphasized that his primary objective will be to support the commercial success of Lloyd's market participants, while maintaining underwriting discipline and ensuring the corporation's financial stability.
"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), warmly welcomed the appointment: "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."
Eager to maintain a strong collaboration, she continued: "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 concluded.
