Lloyd’s unveils new executive team as Tiernan begins role as CEO

Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has announced a number of changes to its Executive Team, effective immediately.

This update follows the recent appointment of Patrick Tiernan as Lloyd’s Chief Executive Officer, to whom all the Executive Team will now report.

Tiernan commented: “I am pleased to announce the appointments to my Executive Team. We will work at pace to deliver on the market’s short-term priorities. We will also work closely with Council to develop a long-term vision for the Corporation that will strengthen and extend Lloyd’s leadership as the world’s pre-eminent marketplace for risk.

“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.”

The new appointments include Rachel Turk as Chief of Market Performance, who also will join the Council of Lloyd’s. She will assume the underwriting responsibilities of the former Chief of Markets role, subject to regulatory approval. She will also chair Lloyd’s Capital Planning Group (CPG).

The former Chief of Markets position, held by Tiernan, has been divided into two distinct roles: Chief of Market Oversight and Chief of Marker Performance, both of which now sit on the Executive Team.

Caroline Sandeman-Allen has been appointed to the Executive Team as Chief of Market Oversight and will assume the oversight responsibilities of the former Chief of Markets role, subject to regulatory approval.

This appointment underscores Lloyd’s commitment to its principles-based oversight framework, with Sandeman-Allen also set to chair Lloyd’s Market Oversight Group (MOG).

Jonathan May joins the Executive Team as CEO of Lloyd’s Insurance Company, the wholly owned subsidiary of Lloyd’s that facilitates Lloyd’s underwriting activity in the European Economic Area. This appointment is set to strengthen governance of the Corporation and recognises the importance of Lloyd’s European business.

Dawn Miller will continue in her role as Chief Commercial Officer and CEO, Americas. In addition to her existing roles, she will now oversee the Corporate Affairs function and will chair Lloyd’s Business Opportunities Committee (BOC). Notably, the executive will also chair Lloyd’s BOC.

The CEO of Lloyd’s Insurance Company will now report directly to the Chief Executive, a shift from previously reporting via the Chief Commercial Officer, further emphasising the strategic importance of Lloyd’s Insurance Company.

The existing roles and responsibilities of the following executives will remain unchanged: 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.

Lastly, George Marcotte will continue to serve as interim Chief Operations Officer (COO) while the Corporation seeks a permanent appointment.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.