UK insurance and reinsurance giant Lloyd’s of London has appointed interim general counsel Claire Schrader to the role on a permanent basis, replacing previous GC Peter Spires who announced he was stepping down back in August.

Schrader’s promotion comes after a more than 23-year-career with Lloyd’s, having joined back in 2000 as a solicitor before becoming head of legal in 2017. She will now be responsible for managing all legal risk at Lloyd’s, drawing on those two decades of insurance industry expertise alongside her skills in corporate law, regulation and corporate governance. She will also remain a member of the corporation’s executive committee.

Lloyd’s was founded in 1688 in a coffee shop by the River Thames, progressing from shipping and marine to becoming a marketplace for all types of specialist insurance, with its members underwriting everything from aviation and fine art to space and terrorism cover.

John Neal, Lloyd’s CEO, said: “During Claire’s time at Lloyd’s she has built a strong reputation among her colleagues in the corporation and throughout the market as a trusted legal adviser. She is a great role model for our future leaders, and I’m extremely pleased to confirm her permanently in a role which is critical to Lloyd’s delivering on its strategic priorities.”

Prior to joining Lloyd’s, Schrader spent just over four years at Magic Circle firm Linklaters.

Spires, meantime, announced he was stepping down from the role in August to “pursue fresh challenges in the Lloyd’s market”. He had been with Lloyd’s since 1995, working in a number of roles including for the chairman’s strategy group. He headed up the legal team for a number of years before being promoted to GC in 2016, when he took over from long-time GC Sean McGovern, now chief executive for UK & Lloyd’s at AXA XL, a US subsidiary of AXA.

On the announcement of Spires’ departure from the role in August, Lloyd’s chairman Bruce Carnegie-Brown said: “Peter’s contribution over the last 27 years to both the corporation and the wider Lloyd’s market has been highly valued, and his expertise and experience has been central to the resolution of many complex issues that have confronted the market. Peter leaves with our very best wishes.”