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Lloyd's of London performance head to leave in 2020

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Lloyd's of London performance head to leave in 2020

Lloyd's of London's performance management director, Jon Hancock, is leaving his role this year.

Lloyd's in a statement on its website said Hancock would step down in 2020, although it did not give a firm date for his departure.

The performance management directorate, which Hancock has run since joining Lloyd's in December 2016, is a powerful role as it is responsible for approving syndicates' annual business plans and vetting new entrants into the market.

Hancock was the driving force behind the crackdown on unprofitable underwriting at Lloyd's, which started in 2018. As part of that drive, syndicates with three consecutive years of underwriting losses were required come up with remediation plans or exit the market. Also, all syndicates, regardless of performance, had to fix or exit the worst performing 10% of their books of business.

Hancock also played a leading role in the Future at Lloyd's modernization plan, under which the market is embarking on large projects, such as an exchange for less complex risks and a faster claims system.

Lloyd's CEO John Neal in a statement said Hancock will leave "big boots to fill."