By Rebecca Delaney

May 8 - (The Insurer) - Market participants reacted positively to the news of Patrick Tiernan's appointment as CEO of Lloyd's on Thursday, with the Lloyd's Market Association (LMA) calling for the Corporation's new leadership to maintain "ruthless discipline" on underwriting.

The Corporation announced on Thursday morning that chief of markets Tiernan had been appointed to succeed John Neal as CEO, effective June 1.

The announcement came one week after Charles Roxburgh assumed the role of Lloyd's chairman, with the former senior British civil servant declaring that his first priority would be to fill the CEO role. On the same day that Roxburgh formally took over as chair, Alexandra Cliff succeeded Burkhard Keese as chief financial officer.

In response to the changing of the guard, LMA CEO Sheila Cameron has called for the fresh executive team to maintain "ruthless discipline" over underwriting performance.

"They move into these roles at a pivotal point and together they have a real opportunity to take the Lloyd’s marketplace up a gear. This new team will inherit a global insurance platform in a strong position to move forward based on sound foundations," said Cameron.

Cameron outlined five priorities for the Corporation, including the balance of underwriting profitability and cycle management, ensuring the Lloyd's market remains attractive to capital, and continuing the drive of principles-based oversight, as well as continuing the delivery of Blueprint Two and improving culture across the market, the latter two of which were a hallmark of Neal's tenure at the helm.

In a statement to The Insurer, Lloyd's deputy chair Vicky Carter, who also serves as chairman of global capital solutions at Guy Carpenter, expressed "delight" at the announcement.

"Patrick has earned enormous respect in the industry and together with Charles will create a formidable leadership partnership at Lloyd’s," said Carter.

"We are fortunate that both come with a deep understanding of Lloyd’s and can ensure it continues to evolve and thrive in an ever more complex and challenging environment."

Elsewhere, Lucy Clarke, WTW's president of Risk & Broking and president of the Insurance Institute of London, said in a statement to The Insurer: "Patrick will be excellent for Lloyd’s and for the market. He will lead with clarity and purpose and take practical steps to ensure we have a strong and stable Lloyd’s market."

Colm Holmes, CEO of Allianz UK, said: "(Patrick) is an excellent leader with extensive industry experience and deep knowledge of the market, and I know he’ll push Lloyd’s forward without losing sight of its long history and importance to the insurance industry."

ABI president Andy Briggs told The Insurer: "Through John Neal’s leadership, the ABI and Lloyds of London have developed a strong working relationship on areas of mutual interest. Patrick is an excellent successor and we look forward to continuing to build on this working relationship with Patrick to support our world-leading industry."