The Council of Lloyd’s has appointed Patrick Tiernan (pictured) as chief executive officer of the market and he will take up his new position on 1st June. He joined Lloyd’s in 2021 as its first chief of markets. He has held numerous senior executive positions during almost 30 years in the insurance market, including managing director of commercial lines and global corporate and specialty, and chief financial officer of Aviva Insurance Limited.

Sir Charles Roxburgh, chair of Lloyd’s, said: “My first priority has been to appoint a new chief executive and I am therefore delighted that Patrick will be leading Lloyd’s in the next stage of its strategic development.

“Patrick’s profound understanding of the market, coupled with his commercial acumen and industry expertise will ensure Lloyd’s continues to focus on delivering consistent and disciplined performance.

“The search process demonstrated to me and my colleagues on the Lloyd’s Council that he was the outstanding candidate for this role. I look forward to working with him, and with all of our market participants, to ensure the future success of Lloyd’s.”

Tiernan added: “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.

“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.”