’You’ve got to listen, you’ve got to absorb some of the abuse,’ says Lloyd’s chief as he reflects on the realities of leadership
Lloyd’s chief executive Patrick Tiernan has opened up about the pressures of leading a global insurance business, describing the time he received criticism from the USA’s political leadership over shipping in the Strait of Hormuz.
Speaking during a chief executive panel at the Marsh Rising Professionals’ Global Forum yesterday (25 June), Tiernan said: “I did underestimate the level of isolation and that ultimate accountability.”
Tiernan explained that the demands of leadership had at times affected family life, with long working hours making it difficult to fully switch off.
“There were probably a number of occasions where I was sitting at the dinner table, but I lost my presence,” he said.
Reflecting on one particularly difficult day, Tiernan said he began with a board presentation before taking a call from WashingtonDC regarding insurance support for shipping through the Strait of Hormuz during heightened geopolitical tensions.
“I got on the phone to Washington to get my ear chewed out, because Lloyd’s in London wasn’t stepping up at the plate to allow ships to go through the Strait of Hormuz,” he said.
He said he thought to himself, “I’m not sure insurance is going to convince folks to go through the bombs and the bullets.
“You’ve got to listen, you’ve got to absorb some of the abuse.”
Highs and lows
Despite the pressures, Tiernan said the role also provided unique opportunities.
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“There’s great things that go on as well,” he said. “It’s fantastic to get to be in a room where global decisions are being made.”
Tiernan also praised the support network available within the insurance sector, describing industry leaders as “very generous with their time” and willing to offer advice.
Lloyd’s Market Association chief executive Sheila Cameron echoed those comments, saying senior leaders often relied on one another because of the challenges of the role.
“We do look out for each other, because we know how lonely it is,” she said.
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