Following the departure of Jon Hancock as Performance Management Director, Lloyd’s has carried out a review of the role and has decided to create a new role of Chief of Markets. The Chief of Markets will be responsible for the overall wellbeing of the Lloyd’s platform, from customer and distribution through to underwriting businesses. This is a wider role than that of the Performance Management Director as it will include the market oversight activities as well as managing the relationships with brokers and running Lloyd’s global network.

The oversight of the Lloyd’s market is a critical role. Lloyd’s has always taken some time to find the right candidate. The Covid-19 pandemic has added some additional complexities and delays. The 2021 business planning cycle is seen as critical and shouldn’t be disrupted or have additional distractions imposed on it. Lloyd’s has therefore decided to defer the search for the Chief of Markets for the time being. This search will recommence later this year.

In the meantime, John Neal, CEO of Lloyd’s, will continue as Interim Performance Director until September 2020. He will work in collaboration with the Performance Management team to manage the business planning process and also to define the interim structure after this.