Lloyd's has appointed the former head of the International Petroleum Exchange (IPE) Dr Richard Ward as its chief executive.
As predicted by Insurance Times last month, the London market has opted for an outsider to take on the role. Ward will take control of the market on 24 April.
Lloyd's chairman Lord Levene said: “I am delighted that Richard has agreed to join Lloyd's at such a critical time for the market.
“Lloyd's has made huge progress in recent years and is in good shape but we are clear there is still much to do to improve the market's efficiency and move to the next level. In Richard we will have a strong leader with deep first-hand understanding of financial markets, and the proven skill to drive and deliver change.
"At the IPE, he won consensus among market participants with often divergent interests.
“Those skills will be invaluable in his new role, where the key task is to provide the market with an efficient, modern platform. Senior market executives were centrally involved in the recruitment process, and have no doubt that Richard will make a significant positive impact on Lloyd's."
