“I'm delighted to become Lloyd's chiefoperations officer and to continue the work to build ourfoundations as we move into the future,” said Rigby in a statement.(Photo: Lloyd's of London)

Lloyd's of London announced that Jennifer Rigby hasbeen appointed chief operations officer (COO). She has beenperforming the role on an interim basis since March 2018, followingthe departure of former COO Shirine Khoury-Haq. Her assigned areaof activity as Lloyd's COO includes business transformation, globaloperations, data, information technology, innovation and corporatereal estate.

Rigby joined Lloyd's in May 2017 as chief information officer.She began her career at the BBC and held several senior roles inthe public sector.

“I'm delighted to become Lloyd's chief operations officer and tocontinue the work to build our foundations as we move into thefuture,” said Rigby in a statement. “The Operations function isvital to delivering for Lloyd's today and in shaping and executingthe strategy for tomorrow. It's my privilege to take this role atsuch an exciting time.”

Related: Lloyd's of London to add women to governancecommittee

Changing tides

Rigby's appointment comes amid a wave of change that has sweptover Lloyd's.

In May, CEO John Neal presented a strategy documentsetting out how Lloyd's could modernize its market and fend offrivals that currently undercut it. Notably, Neal said he planned tocut the cost of insuring risk from 39% of premiums to 30% withinthe next two years before lowering it again to 20% within fiveyears

In June, Neal had to deal with the aftermath of aBloomberg Businessweek article that revealed endemic sexual misconduct in theLloyd's of London insurance market. Lloyd's announced shortlyafterward that it will publicly name and shame anyone it bans fromits insurance market for sexual harassment. That samemonth, he also warned that the 330-year-old insurance market mustevolve and evolve fast or risk driving itself into irrelevance atthe Rising Professionals' Global Forum.

“As a sector, our choice is to continue with business as usualand become irrelevant or change and realize the enormousopportunity in the world of risk,” said Neal.

Related: Lloyd's CEO John Neal says its market must evolveor risk irrelevance