Chief operating officer and chief financial officer Burkhard Keese and chief of markets Patrick Tiernan are temporarily in charge at Lloyd’s following chief executive John Neal’s (pictured) cycling accident on Saturday.

According to a statement by the insurance exchange, Neal sustained serious injuries after being involved in a collision with a car. The CEO has taken a leave of absence as he receives hospital treatment.

“He is expected to make a full recovery,” noted a Lloyd’s spokesperson, who added that Keese and Tiernan will be supported by the wider executive committee at Lloyd’s. Chair Bruce Carnegie-Brown, meanwhile, will be responsible for oversight.

Days before the incident, Neal led in reporting the marketplace’s return to profitability. From a £0.9 billion loss in 2020, Lloyd’s bounced back to a pre-tax profit worth £2.3 billion for 2021.