Lloyd’s chief of markets Patrick Tiernan has been selected as the next CEO of the London-based global insurance and reinsurance marketplace.

He will take over from former QBE chief John Neal, who finishes as Lloyd’s CEO on May 31. Mr Tiernan, appointed by the Council of Lloyd's, starts his tenure the following day.

He says he will “keep an iron grip on underwriting discipline”, spur innovation and foster an inclusive culture.

Mr Tiernan joined Lloyd’s in 2021 as the first chief of markets, with responsibilities including underwriting, claims, exposure management, market oversight and international regulation, distribution and new entrant strategy.

Over an almost 30-year career he has also held senior roles at Aviva, StarStone and Zurich.

Lloyd’s chair Sir Charles Roxburgh says Mr Tiernan was “the outstanding candidate” for the role.

“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,” Sir Charles said.

“I would like to express my gratitude to John Neal for his leadership over the past seven years. His efforts have helped Lloyd’s deliver a major turnaround in performance resulting in successive years of strong financial results, and ensured the organisation is now in the best position possible to make the most of future opportunities.” 

Mr Tiernan says the appointment is “an immense privilege” and he is excited about leading the “talented” Lloyd’s team.

“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,” he said. 
  
“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. 
  
“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.” 
 
The appointment is subject to approvals from the UK’s Prudential Regulation Authority and Financial Conduct Authority.