Lloyd’s of London chief steps down from insurance market

THE LONGEST serving chief executive in the history of Lloyd’s of London yesterday announced his resignation after almost eight years in the job.

The historic insurance market did not give any reason for the departure of Richard Ward, 56, but said it hopes to appoint a replacement before he leaves at the end of this year.

“As Lloyd’s longest-serving CEO, I believe it is now right to hand over the reins,” he said.

Ward attempted to modernise the 325-year old entity during his tenure by expanding its presence overseas, reforming its capital framework and increasing its use of electronic communication on the underwriting floors.

Last year he told City A.M. that the market’s future success depends on its ability to crack the Asian market and also bemoaned delays to new EU regulations.

Ward steered Lloyd’s through a difficult 2011, when the market recorded a £516m loss due to enormous catastrophe claims relating to natural disasters in Asia.

Originally a scientist, he joined Lloyd’s following stints with BP and the International Petroleum Exchange.