Overview

• Patrick Tiernan said Lloyd’s will not ask market participants to stop covering coal and other high-emitting assets, reversing a 2020 phase‑out pledge.
• Lloyd’s reported first‑half 2025 gross written premiums of £32.5 billion, up 6.2%, with the combined ratio rising to 92.5% and pre‑tax profit at £4.2 billion after major California wildfire claims.
• Tiernan emphasized that Lloyd’s will respect national energy policies and described the market’s role as neutral rather than directive.
• He warned that climate impacts, AI, cyber risk, social unrest and large liability awards are increasing volatility, while product innovation trails the growth in exposures.
• Coverage of the shift noted the United States as Lloyd’s largest market and referenced a wider 2025 pullback from net‑zero alliances by North American financial institutions, though a Lloyd’s spokesperson said the market’s energy underwriting policy has not changed.