Insurance outsider appointed as chief executive

Lloyd's has appointed Richard Ward, former boss of the International Petroleum Exchange (IPE), as its new chief executive.

As predicted by Insurance Times, Lloyd's appointed someone from outside the insurance industry to take up the challenge of reforming the world's oldest insurance market.

The newly-appointed chief executive, who will start work on 24 April,was responsible for leading the IPE, now re-branded as ICE Futures, through a period of radical development to improve efficiency and profitability.

Lloyd's chairman Lord Levene said: "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."

Ward said: "I am acutely aware that Lloyd's is one of the great global brands and has made significant strides forward, overcoming major challenges. The market is in a strong financial position but is ambitious to move forward to the next stage."

Amlin chief executive Charles Philipps said Ward had the "drive and vision to grip the task of providing Lloyd's franchisees with an outstanding platform, while looking to the future".

London Market Association (LMA) chairman Andrew Kendrick said: "We in the LMA, representing the whole market, will spare no effort to ensure successful delivery of the strategy with Richard."

Confirmation of Ward's appointment has been received from the Governor of the Bank of England. It is also subject to formal appointment to the Council of Lloyd's as a nominated member and approval by the FSA.

Ward in brief

  • First class honours degree in chemistry and PhD in physical chemistry, Exeter
  • 1982-1988: senior physicist at Science and Engineering Council
  • 1988-1994: senior manager, BP research, head of business development and marketing, BP Oil Trading International
  • Joined IPE after a year with energy broker Tradition Financial Services .