Lloyd's has announced that Patrick Tiernan has been appointed CEO, subject to approval from the Prudential Regulation Authority and the Financial Conduct Authority.
Tiernan joined the firm in 2021 as the company's first chief of markets and served as part of Lloyd's senior leadership. His responsibilities included overseeing the areas of underwriting, governance, reserving and culture, as well as the firm's global market development and crisis management in response to issues such as man-made disasters and international events like Ukraine.
Innovation was a key component of his role as chief of markets, and he expanded Lloyd's visibility and education through the Lloyd's Lab and the Lloyd's Academy. In addition, Tiernan served as an ambassador to governments and regulators across the globe.
Sir Charles Roxburgh, Chair of Lloyd's, said in a press statement, "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 has built a successful career over almost 30 years, and held multiple roles at Aviva, including serving as chief financial officer of Aviva Insurance Ltd., as the chief operating officer at StarStone, and chief executive officer of Zurich's Centrally Managed Businesses.
In a press release, Tiernan said, "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."
