Tiernan shares vision for Lloyd’s on first day as chief executive

Patrick Tiernan has told colleagues that “trust in the financial strength and stability of Lloyd’s is paramount” on his first day as chief executive at the insurance marketplace.

Tiernan was announced as John Neal’s successor in May 2025, with him officially taking up his new role today (2 June 2025).

Among his first acts was to write to all colleagues to share what Lloyd’s – and this role – meant to him.

And in the letter, he said that “Lloyd’s is now well-placed to grasp a generational opportunity”.

The letter, which was shared on LinkedIn by Tiernan, said: “As your chief executive, my aim is to make working at Lloyd’s always feel special. I want us to work together to show our many stakeholders what makes this market special. When we look back on all we will achieve, I hope that’s what makes us most proud.

“Trust in the financial strength and stability of Lloyd’s is paramount. You have all worked tirelessly to enable the market to deliver several successive years of strong performance and ensured Lloyd’s is now well-placed to grasp a generational opportunity.

“So, what is that opportunity, how can we seize it and why is it so important we do?

“At a time when the world is in flux, I firmly believe we can increase the relevance, influence and brand of Lloyd’s to educate, innovate and inspire. As our long history amply demonstrates, risk and opportunity are two sides of the same coin.

“While we must acknowledge that we are a small share of the global insurance industry, we can punch above our weight if we concentrate on the unique advantages of the Lloyd’s market to empower risk taking, trade and wealth creation.”

’Open to new risks’

Tiernan joined Lloyd’s in May 2021 as the organisation’s first chief of markets, responsible for underwriting, claims, exposure management, market oversight and international regulation, distribution, new entrant strategy, Lloyd’s Global Network, Lloyd’s Lab, Lloyd’s Academy and Lloyd’s global agents.

He said that “Lloyd’s is the ultimate social and mercantile network” and that the “ability of members to underwrite risk is spread by syndication and amplified by our strong balance sheet, credit rating, chain of security and central fund”.

Tiernan continued: “As a market, we must be open to new risks, new assets and new frontiers. We will build an open architecture that allows different business models to plug into the market and harness the multiplier effect of the network. And we will open our building to insurance practitioners from around the world.

“We will foster an open and inclusive culture that attracts the best and brightest talent available. Our leaders will uphold the right values and standards. And our colleagues will be empowered to deliver at pace with the freedom to make honest mistakes.”

He concluded: “We help solve novel and knotty problems. But we also help others realise their dreams. Together we will continue this proud legacy, whether it is the next development in quantum computing, manned missions to Mars, or visions not yet dreamt.

“As your new chief executive, I don’t profess to have all the answers. But in the spirit of openness, I will admit this. I have big dreams. And I cannot wait to begin this next chapter with you.

“For now, I’ll just add I have promises to keep and miles to go before I sleep.”