Lloyd's has welcomed the arrival of new CEO Richard Ward.
Ward was previously vice-chairman of the newly re-branded ICE Futures (formerly the International Petroleum Exchange IPE) where he was CEO for six years.
He led the IPE through a period of major development which improved efficiency and profitability.
Ward said: “Lloyd's has a fantastic brand and an unrivalled, unique heritage. It has met big challenges in the past but it is clear that further challenges lie ahead. The chance to lead a brand of that stature to the next level, comes once in a lifetime.”
He added that he believed that his experience at IPE, and in particular the fact that he brought the exchange through a successful efficiency-driven business transformation programme will be “highly relevant” to Lloyd's.
He said that his plan over the coming months was to meet with market practitioners and capital providers to gain a better understanding of the Lloyd's market, and said that he was not concerned about the fact that he was coming to the role with limited experience of the insurance market.
Ward said: “When I went into the energy derivatives business I had no knowledge of it but learnt about complex markets very quickly.”
When asked whether he was going to re-write the strategic plan for Lloyds, Ward responded, “No. The Strategic Plan sets out an ambitious agenda which involves significant change. I aim to deliver the plan, but will always have an eye to market developments and looking to the future.”
