Lloyd's has named John Parry as its director of finance, responsible for financial reporting, tax and management of £5bn of assets.

Parry has been temporarily in the role since it was vacated by Luke Savage, who left in August to join Standard Life. Parry has been awarded the role on a permanent basis "following a competitive process", according to Lloyd's.

Parry joined Lloyd's in 2001 and has led Lloyd's solvency and regulatory reporting requirements, and the process for review and agreement of capital requirements for underwriting for all the separate businesses in the market.

Lloyd's CEO Inga Beale said "John has made a positive impact since he took over the position in the summer and I know the team here and the market participants are looking forward to continuing their work with him."