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.