Fresh Take: New Kid on the Block: Patrick Tiernan Takes the Helm at Lloyd's of London
Lloyd's of London appoints Patrick Tiernan to the CEO role
After the announcement in January that incumbent John Neal would be stepping down, Lloyd's of London has tapped seasoned insurance veteran Patrick Tiernan to take over the CEO role, starting June 1, 2025. With nearly three decades of experience under his belt, Tiernan's no stranger to big leagues, having held senior positions at various major insurance companies.
Tiernan hails from University College Dublin where he bagged a Business & Law degree. He's also a Chartered Accountant and Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW). His impressive insurance resume includes stints at Aviva, StarStone Insurance, and Zurich. But it's his recent role as Chief of Markets at Lloyd's that's caught the insurance world's attention—and now, the top spot.
Before making his mark as the new CEO of Lloyd's, Tiernan had been overseeing underwriting, claims, exposure management, international regulation, distribution, and innovation initiatives like Lloyd's Lab and Lloyd's Global Network. His appointment is pending approval from the Prudential Regulation Authority and the Financial Conduct Authority (FCA).
Neal will bid adieu to Lloyd's on May 31, 2025, and instead join Aon as its global CEO of reinsurance and global chairman of climate solutions.
Tiernan expressed his enthusiasm for the new role, saying, "It's an immense privilege to be chosen as the next CEO of Lloyd's. I can't wait to lead such a talented and dedicated team." His primary focus, he noted, will be on supporting the commercial success of market participants while maintaining underwriting discipline and safeguarding the corporation's financial strength.
He further stressed the importance of fostering an inclusive culture, accelerating innovation, and streamlining the Lloyd's model to amplify the unique advantages of the network.
Sheila Cameron, CEO of the Lloyd's Market Association (LMA), lauded Tiernan, stating, "We warmly welcome Patrick Tiernan as the next CEO of Lloyd's. Throughout his tenure at Lloyd's, Patrick has advocated for improving the Lloyd's marketplace for all participants." She further added, "We look forward to working closely with Patrick and his team as they embark on this vital and prestigious venture during a time of critical significance for our market."
In his new role as CEO of Lloyd's of London, Patrick Tiernan aims to maintain underwriting discipline and safeguard the corporation's financial strength, focusing on supporting the commercial success of market participants. With his extensive experience in the finance and insurance business, Tiernan's appointment is expected to have a significant impact on the insurance markets.
