The British insurance and reinsurance market Lloyd’s of London, also known as Lloyd’s, has said that its chief executive Richard Ward will resign by the end of this year.
The company, however, has not disclosed reasons for Ward’s departure.
Ward, in a statement, said: “This has not been an easy decision to make but, as Lloyd’s longest-serving CEO, I believe it is now right to hand over the reins to someone else to take Lloyd’s into its next chapter. I’d like to take this opportunity to thank my management team, Lloyd’s staff and the entire market for their support throughout my time at the helm.”
Ward is stepping down from his position after almost eight years of service, which makes him the longest-serving chief executive in the company’s 325-year history.
Ward added: “It has been a huge privilege to lead this great institution, and I am very proud of what has been achieved in my time as chief executive. 325 years after its birth, Lloyd’s continues to evolve, adapt and thrive and has maintained its position at the centre of the insurance world.”
Ward’s decision was announced by the Council of Lloyd’s. Meanwhile, the company will identify a successor for Ward.
John Nelson, chairman of Lloyd’s, said: “I want to pay tribute to Richard, on behalf of the Council of Lloyd’s and the market, for the truly outstanding service he has given over such a long period of time.
“The Lloyd’s market is in a significantly stronger position that when he joined, and Richard deserves great credit for this, as does the management team. This early announcement allows us to select a successor in a timely manner.”