Lloyd's splits chief of markets role within Tiernan's new executive team

By Scott Vincent

June 2 - (The Insurer) - Lloyd’s has split the chief of markets position previously held by Patrick Tiernan into two new roles as part of an executive team reshuffle announced on Tiernan’s first day as CEO on Monday.

Rachel Turk has been named chief of market performance and will assume the underwriting responsibilities previously held by Tiernan. Previously the Corporation’s chief underwriting officer, Turk will also join the Council of Lloyd’s and chair Lloyd’s Capital Planning Group.

The new Lloyd’s executive team also includes Caroline Sandeman-Allen, who has been appointed chief of market oversight.

She will assume the oversight responsibilities of the former chief of markets role. Lloyd’s said the appointment reflected the increasing importance of its principles-based oversight framework. Sandeman-Allen will also chair Lloyd’s Market Oversight Group.

Both Turk's and Sandeman-Allen's appointments are subject to regulatory approval.

Additional executive team appointments include Jonathan May as CEO of Lloyd’s Insurance Company, the subsidiary which facilitates Lloyd’s underwriting activity in the European Economic Area.

Dawn Miller will continue as chief commercial officer and CEO, Americas. She will also now assume responsibility for the corporate affairs function. The Corporation’s previous corporate affairs director, Rebekah Clement, left at the end of last month.

Miller will also chair Lloyd’s Business Opportunities Committee.

Alexandra Cliff will continue as chief financial officer and Lloyd’s Council member. The roles of Nathan Adams as chief people officer, Claire Schrader as general counsel and David Sansom as chief risk officer also remain unchanged.

Lloyd’s said it continues to seek a chief operations officer, with George Marcotte continuing in the role on an interim basis until a permanent appointment is made.