Lloyd’s CEO Richard Ward to resign this year

After nearly eight years in the role, Lloyd’s of London chief executive Richard Ward will resign at the end of December this year.

His decision was announced Wednesday by the Council of Lloyd’s, although no reason was given for Ward’s resignation.

“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,” Ward said in a statement from the organization. “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.”

“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,” he continued. “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.”

The Council of Lloyd’s and Franchise Board will now conduct a process with a view to the appointment of a successor before the end of the year, according to the statement.

“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,” Chairman of Lloyd’s John Nelson said in the statement.

“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.”