Lloyd's announces new CEO - Patrick Tiernan
In our earlier article that summarised Sir Charles’s first communication as Lloyd’s Chair, mention was made that Sir Charles was looking to make the appointment of the Lloyd’s CEO and that he expected to present a recommendation to the Lloyd’s Council shortly.
In its Press Release issued today Lloyd’s (full copy available here) announces that Patrick Tiernan will succeed John Neal as Chief Executive Officer on 1 June 2025.
Mr Tiernan joined Lloyd’s in 2021 and has been a prominent spokesman in his role as Chief of Markets with his quarterly “Market Messages” (available here and on YouTube) which have provided very interesting insights and commentaries from the top about the issues of market performance and syndicate oversight.
Patrick gives an insight into his thinking about his new role in these comments: “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.
“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.
“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.”
Patrick will commence his tenure on 1 June. He succeeds John Neal, who will leave the Corporation on 31 May.
Along with Sir Charles’s comments, we at Hampden would like to extend to John our thanks and our Members’ for carrying out so successfully his role as Lloyd’s CEO and we very much wish Patrick Tiernan well in his new role too.