Lloyd’s CFO John Parry is to step down from the Corporation in surprise move that will see him leave early next year.

John parry lloyds

Despite Parry saying his passion for the market is “undimmed” the longstanding Lloyd’s employee said it was time to “leave and look for new challenges”.

The corporation said a search process to find someone to step into Parry’s shoes would be initiated immediately.

Parry joined the Corporation in August 2001, becoming chief financial officer in December 2014.

He is a member of both the Lloyd’s board and the executive committee.

In a statement, Parry said: “I have thoroughly enjoyed my time with Lloyd’s and working for this great market.”

“I have though decided that now is the right time to leave and look for new challenges.”

“My passion for Lloyd’s is undimmed and I am keen to ensure a smooth transition,” he added.

Lloyd’s CEO Inga Beale thanked Parry for his contribution to the Corporation during his 17-year tenure.

In a statement, she said: “In a period of unparalleled change in the insurance industry, his knowledge, experience and great commitment to the Lloyd’s market have earned him the respect of all those who work with him.”

“I have very much enjoyed working with John and value the support he has given me. I wish him every success in the future.”

Parry has played a central role in the Corporation’s move into the alternative capital space after the UK passed legislation for ILS transactions to be structured onshore in November 2017.

He led a roadshow to roundup investors in both London and Bermuda interested in creating a market catastrophe bond Central Fund at Lloyd’s.

Parry said in March that Lloyd’s had received “strong interest” from fund managers wanting to be involved in the creation of a market cat bond.