Lloyd's has named Jim Bichard (pictured above) as its new chief financial officer, effective April 2026. He will join Lloyd's Executive Team, reporting to chief executive Patrick Tiernan, and will also become a member of the Council of Lloyd's.
Bichard currently leads PwC's global insurance practice, overseeing services to clients across all industry segments. He has spent 30 years at PwC, including five years in New York, with experience in technology-enabled transformation across finance, operations, and front office functions.
His background includes advisory roles on insurance and broker transactions involving capital structures. Bichard previously headed PwC's UK insurance practice and its Lloyd's, London market, and broking business, as well as leading the capital, risk, and regulatory practice in the UK and EMEA.
He will replace Alexandra Cliff, who is leaving Lloyd's to pursue other opportunities.
Tiernan said: "I'm delighted to welcome Jim to Lloyd's. He brings a deep knowledge of the global insurance industry, as well as a clear-eyed view of how capital, risk and clients intersect in a changing world."
Tiernan noted that Lloyd's is entering a new phase as it launches a strategy with broader global ambition. He added that Bichard's experience will be valuable as the organisation continues to build its leadership team.
The appointment comes as Lloyd's prepares for continued expansion. The market's 2026 business plan projects £67.4 billion in gross written premium and a 91.2% net combined ratio, compared to the 2025 forecast of £59.8 billion GWP and 88.7% combined ratio. Approximately 62.5% of accretive growth is expected to come from new entrants and structured solutions.
Regarding Cliff's departure, Tiernan said her leadership "has been important in strengthening the financial foundations of the Corporation and the market." He noted that during her tenure, the finance team strengthened discipline and enhanced Lloyd's appeal to an increasingly diverse and global pool of capital.
Bichard said: "I am hugely excited to be joining Lloyd's at such a pivotal moment. Through my work across the London market and around the world, I have seen first-hand the unique role Lloyd's plays in enabling trade, protecting communities and absorbing the risks others cannot."
He added that he looks forward to working with Tiernan, colleagues across the market, and capital providers to support sustainable growth and disciplined underwriting.
The appointment is subject to regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority.
