NU Online News Service

Lloyd's announced today that Richard Ward, an executive who has led an energy futures market, will take the reins as its chief executive officer.

Mr. Ward is currently vice chairman of the newly re-branded ICE Futures (formerly the International Petroleum Exchange IPE), where he served six years as CEO.

ICE Futures operates the leading electronic regulated futures and options exchange for global energy markets.

Lloyd's said Mr. Ward is credited with leading the IPE through a period of radical development designed to improve efficiency and profitability.

Senior Lloyd's market leaders said they see a very clear link between Mr. Ward's achievements at the IPE and the key developments needed at Lloyd's insurance market.

"Lloyd's task is to create a compelling platform for insurers in the face of increasing competition for the business. That needs skilled and determined leadership," said Bronek Masojada, deputy chairman of Lloyd's and chief executive of Hiscox plc.

He added that Mr. Ward had proven he has the skills "to get complicated things done in a complex financial market. He is clearly someone not easily satisfied with the status quo, but with the proven ability to lead from the front to achieve necessary change."

Lloyd's said Mr. Ward will start with them on April 24.

"Having spent many years running a financial market in the City of London, I am acutely aware that Lloyd's is one of the great global brands and has made significant strides forward, overcoming major challenges," the incoming CEO said.

"The market is in a strong financial position, but is ambitious to move forward to the next stage," he added. "I am delighted to have the opportunity to lead Lloyd's on that journey, and I look forward to working with such a highly-regarded market."

Lloyd's said Mr. Ward started his business life as a scientist, and has a first-class honors degree in chemistry and a doctorate in physical chemistry from Exeter University.

The CEO spot at Lloyd's has been vacant since Nick Prettejohn left the post to become CEO of Prudential's U.K. insurance operations on Jan. 1.

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Energy Market Man Named Lloyd's CEO

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