Lloyd's Appoints Patrick Tiernan as new CEO

Patrick Tiernan has been appointed as Chief Executive Officer of Lloyd's of London, the global marketplace for insurance and reinsurance where underwriters and brokers gather to negotiate and place risk coverage. The Council of Lloyd's announced the appointment today.

Tiernan will assume the CEO role on 1 June 2025.

Market leadership experience

Tiernan joined Lloyd's in May 2021 as the organisation's first Chief of Markets. In this position, he oversaw numerous critical functions including underwriting, claims, exposure management, market oversight, international regulation, distribution, new entrant strategy, Lloyd's Global Network, Lloyd's Lab (the market's innovation hub) and Lloyd's Academy.

His appointment follows nearly three decades in the insurance sector. Prior to Lloyd's, Tiernan served as Managing Director of Commercial Lines & Global Corporate & Specialty at Aviva, a multinational insurance company headquartered in London, as well as Chief Financial Officer of Aviva Insurance Limited.

His career also includes roles as Chief Operating Officer at StarStone Insurance, a global specialty insurer, and Chief Executive Officer of Zurich's Centrally Managed Businesses. 

Tiernan's professional qualifications include being a Chartered Accountant and a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds a Bachelor's degree in Business & Law from University College Dublin.

Leadership transition

Sir Charles Roxburgh, Chair of Lloyd's, emphasised the importance of the appointment: “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 announcement follows the departure of John Neal, who led Lloyd's for seven years. 

Under Neal's leadership, Lloyd's underwent what Roxburgh described as "a major turnaround in performance resulting in successive years of strong financial results."

Strategic priorities

Tiernan has outlined several focus areas for his tenure, including supporting market participants while maintaining underwriting discipline – a crucial component in insurance that refers to adhering to established risk assessment practices to ensure premium rates match the risk exposure.

“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,” Tiernan says.

He also plans to accelerate innovation efforts, improve efficiency across the market, and strengthen Lloyd's unique global network of insurance professionals.

Tiernan emphasised the importance of fostering “an inclusive culture that attracts the best talent from around the world,” signalling continued commitment to diversity initiatives within the insurance sector.

"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 adds.

The appointment remains subject to regulatory approval from both the Prudential Regulation Authority (PRA), which supervises financial services firms in the UK, and the Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets.

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