Appointment of a new “Chief of Markets at Lloyd’s”
Posted 22.01.2021 – Insights
It has been reported that Patrick Tiernan, currently Managing Director, UK Commercial Lines & Global Corporate & Specialty at Aviva, is to be appointed to the new role of Chief of Markets at Lloyd’s. The role is intended to oversee both market performance and distribution under a new Lloyd’s unit created in October 2020.
Tiernan comes with 24 years of experience in the insurance industry, including previously serving as Group Chief Operating Officer at Starstone Insurance and Chief Executive Officer of Zurich’s Centrally Managed Businesses. He is chairman of the International Underwriting Association (IUA) and sits on the London Market Group’s board of directors. He is also on the board of ClimateWise and the Innovation Working Group of the Bank of England’s Climate Financial Risk Forum.
Tiernan replaces John Neal, who in addition to his role as CEO of Lloyd’s also served as interim Director of Performance Management following the departure of Jon Hancock in the spring of 2020.
With responsibility for managing relations with the broking community in addition to the pre-existing remit of driving improvement in syndicates’ underwriting standards, the new Chief of Markets position will require a deft handling of these competing interests.
In announcing the appointment, Lloyd’s CEO John Neal commented: “Our overarching priorities of performance, strategy, culture, together with a new ‘purpose’ pillar, remain paramount and drive everything we do in the Corporation and across the market. Patrick will progress these priorities to deliver the impact and results we need right across the market; from customer and distribution, through to underwriting businesses and oversight”.
We look forward to meeting with Patrick in due course, once his start date is confirmed.