Lloyd’s overhauls executive team
Lloyd’s, the global insurance and reinsurance market, has announced a series of appointments to its executive team, effective immediately.
This organisational update follows the recent appointment of Patrick Tiernan as its new CEO.
Rachel Turk has been named chief of market performance, a role that includes underwriting responsibilities previously held by the chief of markets.
Turk will join the council of Lloyd’s from 1 June, subject to regulatory approval, and will preside over Lloyd’s Capital Planning Group (CPG).
Caroline Sandeman-Allen has been appointed as chief of market oversight, taking on the oversight duties associated with the former chief of markets role.
Her appointment, which is also pending regulatory approval, includes chairing Lloyd’s Market Oversight Group.
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By GlobalDataJonathan May, in his current capacity as CEO of Lloyd’s Insurance Company (LIC), is set to join the executive team.
Dawn Miller continues in her dual role as chief commercial officer (CCO) and CEO, Americas, with an expanded remit that now includes the corporate affairs function.
Miller will also chair Lloyd’s Business Opportunities Committee.
The existing responsibilities of Alexandra Cliff as chief financial officer, Nathan Adams as chief people officer, Claire Schrader as general counsel and David Sansom as chief risk officer will remain unchanged within the executive team.
George Marcotte will maintain his position as interim chief operations officer while Lloyd’s conducts a search for a permanent appointee.
The team will report to Tiernan.
Tiernan said: “I am pleased to announce the appointments to my Executive Team. We will work at pace to deliver on the market’s short-term priorities. We will also work closely with Council to develop a long-term vision for the Corporation, that will strengthen and extend Lloyd’s leadership as the world’s pre-eminent marketplace for risk.”
This follows the replacement of the previous chief of markets position with the roles of chief of market oversight and chief of market performance, both of which are now part of the Executive Team.
The CCO has been elevated to the executive team, and the CEO of LIC will report directly to the CEO, rather than through the CCO.
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