19 March 2025
It is a great honour to be writing my first statement as Chair of Lloyd’s. I am acutely conscious of the responsibility that accompanies this role: stewarding a global institution with a long and distinguished history, ensuring the Corporation is governed to the highest standards, and supporting the long-term success of a market that plays a critical role in managing risk around the world.
As I write this message, we are acutely aware of the conflict in the Middle East, and deeply mindful of the human consequences. In situations such as this, the value of Lloyd’s is clearly demonstrated — as a stable and financially strong marketplace, carefully managing global risk and providing vital insurance coverage.
At Lloyd's, my goal is straightforward: to fulfil our vision for Lloyd’s to be the world’s pre-eminent global marketplace for insurance risk. This is not an abstract ambition. It is a practical test against which strategic choices should be judged. It requires Lloyd’s to compete effectively for global capital, remain relevant to clients facing increasingly complex exposures, provide high standards of service to the businesses that operate within the market, and act with credibility in the eyes of governments and regulators worldwide.
I am grateful to Bruce Carnegie-Brown for his support during my induction and transition. Over Bruce’s tenure as Chair, the market’s performance and reputation improved materially. I consequently inherited an institution that was fundamentally strong and performing well.
My first priority as Chair was to lead the search process for a new Chief Executive. This was a critical decision at an important juncture. The search was rigorous and wide-ranging, reflecting the importance of the role. Patrick Tiernan emerged as the outstanding candidate. He brings deep market knowledge, international experience and a clear understanding of the Corporation’s role as an enabler of market success.
Patrick has moved quickly to establish a strong executive team, sharpen the Corporation’s commercial focus and align activity more closely with our strategic priorities.
He has been equally clear that culture, openness, accountability and delivery matter. There is more to do, but a clear direction of travel has been set.
As Chair, I am responsible for ensuring the Corporation is governed to the highest possible standard. This is critical. Governance underpins the Corporation’s legitimacy and the confidence placed in Lloyd’s by market participants and regulators.
Work undertaken in recent months has shown the Corporation’s governance could be strengthened. Roles and accountabilities needed to be clearer, decision-making more transparent and oversight more focused on the issues that matter most to the market’s long-term success.
We have undertaken an intensive programme of reform. This has included clarifying the respective responsibilities of Council, the sub-committees and the executive; raising the level of challenge and debate in Council; strengthening accountability for key decisions; improving the quality and consistency of management information; and changing committee structures to ensure they support effective oversight rather than muddling responsibility. Further detail is set out in the Governance section of this report.
These changes reflect a simple principle: the Corporation exists to serve the market. Its governance arrangements must therefore be proportionate, transparent, accountable and internationally credible. Council is committed to ensuring that Lloyd’s governance meets those expectations.
Council is also responsible for the Corporation’s strategy. During the summer, we asked Patrick to lead the development of a new strategy to deliver our vision of Lloyd’s being the pre-eminent global marketplace for insurance risk. Council was closely engaged throughout, providing challenge as proposals were developed.
The resulting strategy is deliberately focused. It recognises that Lloyd’s distinctive value is as a marketplace.
The strategy concentrates on areas where the Corporation can make the greatest difference: supporting sustainable underwriting performance; improving the efficiency, speed and competitiveness of the Lloyd’s platform; strengthening Lloyd’s global presence and licence network; and ensuring that the Corporation operates with greater discipline and clarity of purpose.
Council is pleased to endorse the strategy proposed by Patrick and the executive team. We will now monitor progress closely and hold management to account for delivery. The strategy is set out in detail in the Chief Executive’s Report.
Representing Lloyd’s in our engagement with governments and regulators is a central part of my role. Lloyd’s operates in a complex international environment, shaped by differing regulatory regimes, political priorities and economic conditions. Constructive engagement with public authorities is essential to the market’s long-term success.
The Corporation exists to serve the market. Its governance arrangements must therefore be proportionate, transparent, accountable and internationally credible. Council is committed to ensuring that Lloyd’s governance meets those expectations.Sir Charles Roxburgh, Lloyd's Chair
In the UK, I welcome the Government’s recognition of insurance and reinsurance as one of the country’s frontier industries within its modern industrial strategy. Lloyd’s and the wider London market make a substantial contribution to the UK economy, generating significant economic value, supporting highly skilled employment and reinforcing the UK’s position as a leading global financial centre. This contribution depends on Lloyd’s ability to attract global business to the UK.
Our relationship with UK regulators remains extremely constructive. We work closely with the Prudential Regulation Authority and the Financial Conduct Authority on our core responsibilities. We are also engaging collaboratively on opportunities to simplify and streamline regulatory processes where appropriate, with the shared aim of enhancing competitiveness while maintaining high standards of prudential soundness and market integrity.
Internationally, our unparalleled global licence network is a strategic asset. It enables the market to operate locally while underwriting globally, supporting Lloyd’s role in addressing risks that do not respect national boundaries. Maintaining and extending this network requires sustained senior engagement.
During the past year, I travelled extensively, meeting regulators, policymakers, brokers and carriers, and visiting colleagues across the Corporation. These discussions reinforced the importance of Lloyd’s acting as a responsible, long-term partner in the jurisdictions in which it operates. I have been greatly encouraged by the high standing in which Lloyd’s is held by its international stakeholders.
The financial results reported for 2025 reflect the underlying strength and resilience of the Lloyd’s market. They demonstrate the benefits of disciplined underwriting, improved performance, and reforms undertaken in recent years. They also underline Lloyd’s continued relevance to clients and capital providers.
The external environment remains demanding. Risks are becoming more complex and interconnected. Competition for capital is intensifying. The expectations around institutions such as Lloyd’s continue to rise, not only in financial terms but with regard to governance, transparency and contributing to global resilience.
I remain confident in the enduring strengths of Lloyd’s: its global reach, concentration of expertise and ability to convene capital around the world’s most complex risks. With disciplined governance, focused execution and sustained international engagement, Lloyd’s is well placed to fulfil its vision to be the pre-eminent global marketplace for insurance risk.
