Tiernan explains importance of clear timeline messages after latest Blueprint Two delay

Lloyd’s of London chief executive Patrick Tiernan has said that, when it comes to Blueprint Two, the priority is to be clearer on timelines.

Tiernan was speaking during a Q&A session following his announcement on 4 September 2025 that the marketplace does not expect the re-platforming element of Blueprint Two to be completed before 2028.

The project has experienced repeated delays from its initial launch in 2020. Now, Tiernan has said that he wants to ensure any updates on Blueprint Two’s completion are communicated only when grounded in concrete facts.

He said that it is a priority to be clearer on timelines and to update the market when concrete information becomes available.

He added: “From the corporation perspective, it’s important that at the centre we get very clear messages with timelines that give all the stakeholders the ability to have an investment timeline that they can engage with.

“That unlocks the ability to make investment choices for their own technology staff.”

Competition

The delay has prompted a mixed response from the market, with some stakeholders asserting that it reflects the complexity of the task, while others said that it was a call to action to kickstart transformation themselves.

Tiernan highlighted that “we are committing to keeping heritage systems operationally resilient until at least 2030, so the market can be assured of long-term stability”.

He said: “The main benefit from a competition perspective is, under a re-platform, [people] will be able to choose if they want to compete on operations as well.

“We allow a lot of freedom when it comes to underwriting models, staffing models [and] distribution models.

“Having that ability to create an open architecture allows people to make more individual choices around how they want to operate and if and how they want to compete from an operating cost perspective.”