Lloyd’s of London new CEO sets out vision and new executive team
Patrick Tiernan kicked off his first day as Lloyd’s of London’s new chief executive with a message telling the market his aim “is to make working at Lloyd’s always feel special”.
Tiernan took on the leadership position following John Neal’s decision to step down. Neal is set to join Aon as its global CEO of reinsurance and global chairman of climate solutions.
Tiernan is no stranger to leadership positions at Lloyd’s, having served as chief of markets at the marketplace for the past four years and having previously held several leadership roles at Aviva.
He told the marketplace in a letter he shared on LinkedIn that “trust in the financial strength and stability of Lloyd’s is paramount.”
He also shared details of the medical leave of absence he took last year after the discovery of some tumours in his spine.
“I had a lot of time to think during my recovery back to full health. First and foremost, I thought about getting better – for my wife, my two teenage daughters, my family back home in Ireland, and my close friends. But I also wanted to get back here. This is my home from home,” he stated.
He addressed the marketplace with his vision for it to “work together”.
“You have all worked tirelessly to enable the market to deliver several successive years of strong performance and ensured Lloyd’s is now well-placed to grasp a generational opportunity,” he added.
New executive team unveiled
As part of Tiernan’s first day at the job, Lloyd’s new executive team was revealed, with each appointment effective immediately.
Lloyd’s chief underwriting officer, Rachel Turk, was appointed as chief of market performance and will join the Council of Lloyd’s. Caroline Sandeman-Allen was appointed as chief of market oversight and will assume the oversight responsibilities of the former chief of market role.
Jonathan May was appointed to the executive team in his current position as CEO of Lloyd’s Insurance Company and Dawn Miller continues in her role as chief commercial officer and CEO, Americas.
The existing roles and responsibilities of Alexandra Cliff as chief financial officer and Lloyd’s Council member, Nathan Adams as chief people officer, Claire Schrader as general counsel and David Sansom as chief risk officer, remain unchanged.
George Marcotte will continue to serve as interim chief operations officer, while the team seeks a permanent appointment.
Commenting on his new team, Tiernan said: “This group has the right mix of skills, experience and focus to ensure that we remain true to our mandate of supporting and stewarding the market to commercial success. As a team, we will work tirelessly to deliver for all our stakeholders.”