Lloyd's of London appoints Patrick Tiernan as CEO

By Scott Vincent

Lloyd's of London has appointed Patrick Tiernan as its next CEO with effect from June 1, the Corporation said on Thursday.

Tiernan will move from his current role as chief of markets, which he has held since May 2021.

During his tenure as chief of markets, Tiernan has overseen continued improvement in underwriting performance, with the market's combined ratio standing at 86.9% in 2024.

He previously held a number of senior roles at Aviva, including serving as managing director of commercial lines and global corporate and specialty.

Confirmation of his appointment follows the arrival of Charles Roxburgh as Lloyd's chairman on May 1.

Roxburgh had said on arrival in the role that the appointment of a new CEO had been his first priority.

"The search process demonstrated to me and my colleagues on the Lloyd's Council that he was the outstanding candidate for this role," he said.

Tiernan said his primary focus will be supporting the commercial success of 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."

Tiernan's appointment is subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority.