New Lloyd’s of London chief executive Patrick Tiernan has spoken of his personal journey and professional mission in a candid blog post published this morning, pledging to lead the market with openness and pride in its unique strengths.
In his first public message since assuming the CEO role, Patrick Tiernan described the symbolic moment of walking across the marble floor of the underwriting room, reflecting on both the grandeur of Lloyd’s and his own recovery from serious illness.
Tiernan was appointed to the role on 8 May; an internal candidate, he was selected for the role, against outside applicants, having previously served as chief of markets at Lloyd’s.
“Whenever I arrive early or leave late here at Lloyd’s HQ, I detour across the marble floor of the empty Underwriting Room and gaze up at the glass ceiling,” he wrote in a blog posted on LinkedIn this morning.
“It’s always a thrill. For me, this is the Madison Square Garden, the Roman Colosseum, and the Sydney Opera House of insurance.”
Tiernan, who was previously Lloyd’s chief of markets, returned to the corporation earlier this year following a period of medical leave. He revealed that a routine check-up ahead of his 50th birthday had uncovered tumours in his spine.
“Doctors told me that without a series of surgeries, I would lose the use of my legs by Christmas,” he said. “I had a lot of time to think during my recovery back to full health… I also wanted to get back here. This is my home from home.”
His return now marks the beginning of a new chapter for Lloyd’s under Tiernan’s leadership. Expressing gratitude to outgoing CEO John Neal and Lloyd’s Council, he paid tribute to a market that has “transformed from crisis to robust health”.
“Trust in the financial strength and stability of Lloyd’s is paramount,” Tiernan wrote. “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.”
That opportunity, Tiernan argued, lies in reaffirming Lloyd’s global relevance by embracing its differences and championing its model.
“Lloyd’s doesn’t work despite its idiosyncrasies; it works because of its idiosyncrasies,” he said. “No other financial institution can shoulder more risk for each dollar of capital.”
He set out a clear priority for the market: to build an open architecture that attracts talent, innovation and capital. “It all starts with openness,” he said. “We must be open to new risks, new assets and new frontiers.”
Tiernan also pledged to create “an open and inclusive culture” and to lead with humility.
“Our leaders will uphold the right values and standards,” he said. “And our colleagues will be empowered to deliver at pace with the freedom to make honest mistakes.”
He added: “We will open our ears a lot more and our mouths a little less, remembering that the voice of Lloyd’s carries further when we whisper than when we holler.”
Drawing inspiration from his upbringing in Ireland, Tiernan said the values instilled in him by his mother would inform his leadership style. Recalling the hand-written notes she gave him and his sisters as children, he said they focused not on achievements, but on moments “when I’d made someone else feel special”.
“As your chief executive, my aim is to make working at Lloyd’s always feel special,” he said.
In closing, Tiernan reflected on Lloyd’s enduring role in enabling progress and risk-taking across generations.
“We help solve novel and knotty problems. But we also help others realise their dreams,” he said. “Together we will continue this proud legacy… I have big dreams. And I cannot wait to begin this next chapter with you.”
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