Lloyd’s of London has announced the appointment of Patrick Tiernan as its new chief executive officer (CEO), effective June 1, 2025, following formal approval by the Council of Lloyd’s.
Tiernan, who currently holds the position of chief of markets at Lloyd’s, has been a key figure in the organization since joining in May 2021. In his current role, he has overseen critical aspects of the business, including underwriting, claims management, exposure oversight, and international regulation. His responsibilities also span the Lloyd’s Global Network, the Lloyd’s Lab innovation platform, Lloyd’s Academy, and its global agent network.
With nearly 30 years in the insurance sector, Tiernan brings a wealth of experience from previous leadership roles. Prior to joining Lloyd’s, he held several senior positions at Aviva, including managing director of commercial lines & global corporate & specialty, as well as chief financial officer of Aviva Insurance Limited. His earlier career includes executive roles at StarStone Insurance, where he served as chief operating officer, and at Zurich, where he was CEO of Centrally Managed Businesses. Tiernan is a chartered accountant and a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds a degree in business and law from University College Dublin.
Lloyd’s Chair, Sir Charles Roxburgh, acknowledged outgoing CEO John Neal for his seven years of leadership, highlighting his significant contributions to enhancing the organization’s financial performance and positioning the organisation for future opportunities.
Neal became CEO of Lloyd’s in October 2018, bringing extensive experience from his previous role as group CEO of QBE. Under his leadership, Lloyd’s experienced significant financial growth, with premium income increasing from £36 billion to £52 billion, and the combined ratio improving from 104.5% to 84.0% by 2023.
Neal also spearheaded the “Future at Lloyd’s” strategy, which focused on digital transformation and operational efficiency. This included the launch of Blueprint Two, a major initiative to streamline back-office systems and enhance the overall customer experience.
Looking ahead, Neal is set to join Aon later this year, where he will take on the dual roles of global CEO of reinsurance and global chairman of climate solutions.
