Lloyd’s of London has announced that Patrick Tiernan (pictured above) will take over as chief executive officer (CEO) from June 1, 2025, following a formal appointment by the Council of Lloyd’s.
Tiernan currently serves as Lloyd’s chief of markets, a role he has held since joining the organisation in May 2021. In this position, he has overseen underwriting, claims, exposure management, international regulation, market oversight, distribution, and the Lloyd’s Global Network. His remit has also included the Lloyd’s Lab, Lloyd’s Academy, and the organisation’s global agents.
With nearly three decades in the insurance sector, Tiernan has previously held senior roles at Aviva, including managing director of commercial lines & global corporate & specialty and chief financial officer of Aviva Insurance Limited.
His earlier career included executive roles at StarStone Insurance as chief operating officer and at Zurich, where he served as CEO of Centrally Managed Businesses. He is a chartered accountant and a fellow of the ICAEW, with a degree in business & law from University College Dublin.
Tiernan, who will assume the CEO role pending regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority, said his immediate focus would be on supporting the commercial performance of market participants while maintaining underwriting discipline and preserving the corporation’s financial strength.
“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,” Tiernan said.
Lloyd’s chair Sir Charles Roxburgh acknowledged outgoing CEO Neal for seven years of leadership, noting his role in improving Lloyd’s financial performance and positioning the organisation for future opportunities.
Neal became CEO of Lloyd's in October 2018, bringing with him extensive experience from his previous role as Group CEO of QBE. Under his leadership, Lloyd's saw an improvement in its financial metrics. Premium income grew from £36 billion to £52 billion, and the combined ratio improved from 104.5% to 84.0% by 2023.
Neal also introduced the "Future at Lloyd's" strategy, aiming to modernize the market through digital transformation and operational efficiency. This included the Blueprint Two initiative, which sought to overhaul Lloyd's back-office systems.
Later this year, Neal is set to join Aon, where he will assume the roles of global CEO of reinsurance and global chairman of climate solutions.
What are your thoughts on this story? Please feel free to share your comments below.
