’We must become a leading hub for the next generation of insurance talent and the preferred partner in innovation,’ market states
Lloyd’s of London must take advantage of its international prominence and central role in the insurance market to “make sure that we are bringing forward the talent of the future”.
That is according to Lloyd’s chief executive Patrick Tiernan, who spoke to Insurance Times during a press Q&A in March as the marketplace announced it’s full year results for 2025 and outlined its new five year strategy.
Part of the new strategic direction for Lloyd’s included a focus on bringing new talent into the insurance market. It’s strategy document said: ”Leading Lloyd’s comes with a duty to protect and advance a marketplace that the world has trusted for centuries.
“We must become a leading hub for the next generation of insurance talent and the preferred partner in innovation.”
It added that, by 2031, the ambition was that Lloyd’s will “retain and attract global talent as a matter of course.”
Tiernan added: ”We have the advantage of having the corporation in the centre of the market, so with its global presence we have the ability to actually have placements within the market.
“We have committed to doubling our early careers intake by 2027 and we will do that in conjunction with the Lloyd’s Market Association (LMA) and the London Market Group (LMG). A very strong message that came back from these stakeholders was whether Lloyd’s could do more for early careers and we want that to be a continuing narrative in 20 or 30 years.”
Market response
Sheila Cameron, chief executive at the LMA, welcomed the launch of Lloyd’s new strategy.
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However, she singled out the announcement on early careers specifically, said: ”We particularlyu welcome Lloyd’s commitment to double its intake of early careers hires, with a view to feeding this talent into the market once they’ve completed their relevant training.
“The training will be shared by Lloyd’s and market participants through a market secondment programme.”
Caroline Wagstaff, chief executive at the LMG, also welcomed this facet of the market’s new strategy.
She explained: “Having raised the issue of declining demand of young talent in our London Matters report, I am particularly pleased to see the commitment by the Lloyd’s Corporation to double its early careers intake.
”To continue to grow the London market, we must have talented teams in place and fully trained and that takes time. I would echo Tiernan in saying that this is not a nice to have, but a competitive necessity.”
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