Lloyd’s revealed today that Richard Pryce, CEO for QBE European Operations, has been appointed as a non-executive director of the Franchise Board, by the Council of Lloyd’s.
Pryce will serve on the Franchise Board – which is responsible for the day-to-day running of the Lloyd’s market – as a market-connected director for an initial term of three years.
Lloyd’s Chairman John Nelson welcomed Richard Pryce to the Franchise Board; “Richard has unrivalled experience of the market both here in the UK and globally. He will bring an informed view that will help challenge the board and Lloyd’s to ensure we are continuing to support the market in the best way possible.”
Pryce, who will be replacing Nicholas Furlonge, said; “There is no shortage of major issues approaching and the role of the Board will be critical in ensuring the market can navigate them successfully and thrive.”
Nelson paid tribute to Nicholas Furlonge, who retired from the board after nine years of service, praising him for his outstanding support of the modernisation of the market and the aims of Vision 2025; “Nick has played a tremendous part in the success and growth of Lloyd’s over the last decade – and he has always given the board excellent advice. We all wish him well in the future.”
Pryce began working with ACE in 1993 as Professional Lines Underwriter, and has previously worked as Director of Financial Lines and President of ACE Global Markets.
The appointment is subject to Prudential Regulation Authority notification.