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Richard Ward leaving as Lloyd's CEO at year-end

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Richard Ward leaving as Lloyd's CEO at year-end

Lloyd's of London CEO Richard Ward will resign his post at the end of the year.

Mr. Ward, who joined Lloyd's in 2006 from the International Petroleum Exchange, is the longest-tenured CEO in the institution's history, Lloyd's said Wednesday in a statement.

“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,” Mr. Ward said in the statement. “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.”

Lloyd's Chairman John Nelson thanked Mr. Ward for his “truly outstanding service” during his tenure.

The Council of Lloyd's and the Franchise Board will conduct a search for a successor for Mr. Ward and said it is hoped that a successor will be named before the end of the year.

Despite substantial catastrophe losses, Lloyd's posted a profit of $4.22 billion in 2012, compared with a $784.4 million loss for 2011. The market also launched a strategy to develop the Lloyd's market, Vision 2025, last year.

“The Lloyd's market is in a significantly stronger position than when he joined, and Richard deserves great credit for this, as does the management team,” Mr. Nelson said in the statement. “This early announcement allows us to select a successor in a timely manner.”