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PRESS RELEASE FROM CORPORATION OF LLOYD’S:

 

 

Lloyd’s has announced that Jon Hancock has decided to step down as Performance Management Director in 2020.

Jon’s ground-breaking and market leading approach has reset the performance agenda, and in 2019 he also took the lead on Blueprint One as part of the Future at Lloyd’s strategy to create the world’s most advanced insurance marketplace.

Jon Hancock said:

“Working with the Lloyd’s market has been a personal and career highlight. I have enjoyed my time here and I am proud of what my team and the market have achieved: the foundations have been set for the Lloyd’s market to return to world class underwriting performance and the Future at Lloyd’s sets out a compelling strategic vision. As I enter my fourth year at Lloyd’s it feels like the right time to pass on the baton and explore new opportunities.”

John Neal, Lloyd’s Chief Executive Officer, commented:

“Jon’s leadership in performance is without parallel, and his sponsorship of Blueprint One was critical in the production of a future strategy for the Lloyd’s market. His will be big boots to fill and so I am delighted that we will have him for a while longer.

“Performance is not just a strategic priority for us, but underpins everything that we are seeking to achieve through the Future at Lloyd’s. Jon has put in place firm foundations on which we will build over the years ahead. On a personal level, it has been a privilege to get to know and to work with Jon and I am grateful for his continuing support.”

Alpha comment: Hancock’s tenure at Lloyd’s coincided with a critical stage of the market cycle. His management of the Lloyd’s market through the major catastrophe losses of 2017 & 2018 and into improved trading conditons was broadly considered to have been effective, if necessarily tough in some regards. Having been heavily involved in drawing up The Future of Lloyd’s, he had recently stepped back from this initiative to return his focus on underwriting standards in advance of the 2020 account. It is suggested that Hancock will seek a more commerical role elsewhere. The role of the PMD director is expected to be expanded for his successor.