Posted on 10 Jul 13 by Annie George
Lloyd's of London, the insurance market, said Wednesday that Chief Executive Richard Ward would resign at the end of December 2013.
Mr. Ward, 56 years old, has been in the post for eight years.
He wasn't available for comment, but in a prepared statement said he believed that as Lloyd's longest-standing chief executive it was "right to hand over the reins to someone else to take Lloyd's into its next chapter." Lloyd's chairman John Nelson thanked him for "truly outstanding service," in the statement.
Lloyd's, which traces its roots back to a coffee house for sailors and merchants in 17th century London, provides a wholesale insurance market for complex, expensive and risky insurance products such as shipping and infrastructure. It posted a pretax profit on behalf of the overall Lloyd's market, of GBP2.77 billion ($4.23 billion) for 2012, following a loss of GBP516 million in 2011, one of the costliest years on record due to natural disasters such as the Fukushima earthquake in Japan, flooding in Thailand and hurricanes in the U.S.
In a statement, Lloyd's said the Council of Lloyd's and the Franchise Board, two bodies who effectively regulate the market on behalf of its members, would conduct a process to appoint a successor before the end of 2013.