Richard Ward will resign as CEO of Lloyd’s at the end of December after almost eight years in the role.

He says it has been a “huge privilege” to serve the organisation. “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.”

Mr Ward says 325 years after its launch, Lloyd’s “continues to evolve, adapt and thrive and has maintained its position at the centre of the insurance world”.

Lloyd’s Chairman John Nelson has paid tribute to Dr Ward’s “truly outstanding service”.

The Council of Lloyd’s and the Franchise Board aim to appoint a successor this year.