Lloyd’s of London has named Dublin-native Patrick Tiernan as its next chief executive following the departure of current boss John Neal who is set to move to Aon.
From Clonskeagh in south Dublin, Tiernan joined the 340-year-old market insurance place in May 2021 as the company’s first chief of markets and will assume his new role at the beginning of June, according to a statement Wednesday.
Prior to Lloyd’s he held various roles at Aviva including chief financial officer of the insurance unit. He attended St Benildus College and UCD. At 50, he is the youngest boss in the history of Lloyd’s.
The handover comes after Neal led the historic institution through a period of upheaval, pushing through a major modernization program that took in both its culture and working methods. Tiernan takes the reins as as the insurance industry grapples with increased pressure from adverse weather events related to climate change that have threatened to make some previously densely populated areas financially inviable to insure.
“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,” Tiernan said. -Bloomberg
