Peter Spires has stepped down as general counsel of Lloyd’s to pursue fresh challenges in the Lloyd’s market, the organisation has announced.

Mr Spires joined Lloyd’s in 1995 and spent the early part of his career there focused on reconstruction and renewal and then the chairman’s strategy group, which led to the introduction of the performance management directorate at Lloyd’s.

Lloyd’s said Mr Spires headed a highly regarded legal team for many years and became general counsel in 2016 and a member of the Lloyd’s executive committee.

The organisation said head of legal Claire Schrader will assume the role of general counsel on an interim basis, and Caroline Sandeman-Allen will assume the role of company secretary, also on an interim basis.

Bruce Carnegie-Brown, the Lloyd’s chairman, 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.”