Latest news with #PatrickTiernan
Yahoo
10-05-2025
- Business
- Yahoo
Lloyd's of London names new CEO
Reinsurance marketplace Lloyd's has appointed Patrick Tiernan as its new CEO, effective 1 June 2025. The decision, made by the Council of Lloyd's, is contingent upon the green light from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). At present, Tiernan is the chief of markets at Lloyd's, a position he has held since joining the marketplace in May 2021. This role encompasses responsibilities including underwriting, claims, market oversight and the management of Lloyd's Global Network, among others. Prior to his time at Lloyd's, Tiernan was the managing director of commercial lines & global corporate & specialty at Aviva, and chief financial officer of Aviva Insurance. His career also includes a stint as the chief operating officer of StarStone Insurance and as CEO of Zurich's Centrally Managed Businesses. Lloyd's chair Sir Charles Roxburgh said: '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.' Tiernan stated: '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.' The incumbent CEO, John Neal, is set to conclude his tenure at Lloyd's on 31 May 2025. Neal will join Aon, where he will assume the roles of global chairman of Climate Solutions and global CEO of the Reinsurance division. "Lloyd's of London names new CEO " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
08-05-2025
- Business
- Daily Mail
Insurance marketplace Lloyd's of London appoints Patrick Tiernan as its new chief exec
Insurance marketplace Lloyd's of London has appointed Patrick Tiernan as chief executive to replace John Neal. Tiernan, 50, takes charge on June 1 after being chief of markets there for the past four years. Lloyd's traces its roots back to a 17th-century coffee house where merchants met to trade news. Chairman Sir Charles Roxburgh said: 'Patrick's profound understanding of the market, coupled with his commercial acumen and industry expertise, will ensure Lloyd's continues to focus on consistent and disciplined performance.'
Business Post
08-05-2025
- Business
- Business Post
Dubliner Patrick Tiernan appointed new chief executive of Lloyd's of London
Insurance Dubliner Patrick Tiernan appointed new chief executive of Lloyd's of London Oisín Gaffey 16:54 Irishman Patrick Tiernan appointed chief executive of Lloyd's
Irish Times
08-05-2025
- Business
- Irish Times
Lloyd's of London names Dubliner as next CEO
Lloyd's of London has named Dublin-native Patrick Tiernan as its next chief executive following the departure of current boss John Neal who is set to move to Aon. From Clonskeagh in south Dublin, Tiernan joined the 340-year-old market insurance place in May 2021 as the company's first chief of markets and will assume his new role at the beginning of June, according to a statement Wednesday. Prior to Lloyd's he held various roles at Aviva including chief financial officer of the insurance unit. He attended St Benildus College and UCD. At 50, he is the youngest boss in the history of Lloyd's. The handover comes after Neal led the historic institution through a period of upheaval, pushing through a major modernization program that took in both its culture and working methods. Tiernan takes the reins as as the insurance industry grapples with increased pressure from adverse weather events related to climate change that have threatened to make some previously densely populated areas financially inviable to insure. READ MORE '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 said. --Bloomberg
The Independent
08-05-2025
- Business
- The Independent
Historic insurance market Lloyd's of London appoints new chief executive
Insurance marketplace Lloyd's of London has appointed Patrick Tiernan as its new chief executive, after previous boss John Neal said he would leave in January. Mr Tiernan will take charge at a time of significant change at the top of the centuries-old institution, after new chairman Sir Charles Roxburgh took the post at the start of May. Taking the top job on June 1, Mr Tiernan has been the marketplace's chief of markets for the last four years, and was previously in director roles at insurer Aviva. He said it is 'an immense privilege' to be chosen as the new chief of the insurance and reinsurance marketplace, which was established in 1689. While not an insurer itself, Lloyd's is the industry's most historic name, tracing its roots back to a 17th-century coffee house where merchants met to trade news. It is based in the City of London and on its underwriting floor it houses the Lutine Bell, a centuries-old bell salvaged from the wreckage of the HMS Lutine, a royal navy ship which sunk in 1799. Amid a more volatile global economy, geopolitical instability and the ongoing effects of climate change, it is undergoing its own transition to a new chair, chief executive and finance chief. Chief financial officer Burkhard Keese left at the start of May, replaced by his deputy Alexandra Cliff. Chairman Sir Charles 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.' Sheila Cameron, chief executive of the Lloyd's Market Association, said: 'Throughout his time at Lloyd's, Patrick has championed making the Lloyd's marketplace the best it can be for all its participants. 'We look forward to continuing our deep partnership with Patrick and his team as he takes on this pivotal and privileged role at a time of critical importance for our market.'
