Lloyd's Restructures Executive Team to Sharpen Oversight and Strategy

Lloyd's of London has reshaped its executive team as part of a broader effort to strengthen governance, clarify regulatory oversight, and support growth across its global operations. The restructuring introduces new leadership roles and reporting lines aimed at improving performance management and expanding international reach—particularly in Europe and the Americas.

Rachel Turk has been appointed chief of market performance, where she will oversee underwriting results and lead the Capital Planning Group. Caroline Sandeman-Allen becomes chief of market oversight, taking responsibility for compliance monitoring and regulatory engagement. Both roles replace the former chief of markets position and are subject to regulatory approval by the Prudential Regulation Authority and the Financial Conduct Authority.

Jonathan May, CEO of Lloyd's Insurance Company (LIC), joins the Executive Team to reflect the growing importance of Lloyd's business in the European Economic Area. LIC is Lloyd's platform for underwriting insurance risks across Europe, and Mr. May's appointment is intended to strengthen oversight of that business.

Dawn Miller will retain her current roles as chief commercial officer and CEO, Americas, but will now also lead Lloyd's Corporate Affairs function and chair the Business Opportunities Committee. The change formalizes her position on the Executive Team and elevates her role in shaping global business strategy.

The appointments are part of a wider realignment under Patrick Tiernan, who was recently promoted from chief of markets to chief executive. The restructuring simplifies reporting lines and reflects Lloyd's efforts to streamline decision-making and reinforce its global leadership in risk markets.

Roles for Alexandra Cliff, chief financial officer; Nathan Adams, chief people officer; Claire Schrader, general counsel; and David Sansom, chief risk officer, remain unchanged. George Marcotte continues as interim chief operations officer while Lloyd's searches for a permanent replacement.

"This group has the right mix of skills, experience, and focus to ensure that we remain true to our mandate of supporting and stewarding the market to commercial success," Mr. Tiernan said.

The changes also shift reporting relationships: the heads of commercial operations and European business will now report directly to the chief executive, eliminating prior layers.