Lloyd’s of London names Inga Beale’s successor

One of the new CEO's first priorities will be the launch of Lloyd’s Brussels subsidiary

Caitlin Morrison
Friday 07 September 2018 16:11 BST
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Inga Beale was the insurance market's first ever female CEO
Inga Beale was the insurance market's first ever female CEO

Lloyd’s of London has named former QBE boss John Neal as its new chief executive, replacing Inga Beale when she steps down later this year.

Ms Beale announced her intention to leave the iconic insurance market in June, and Mr Neal will take up his new position on 15 October.

Mr Neal said he was preparing for his new role with “the same excitement I felt when I first stepped into the underwriting room back in 1985”.

"The insurance sector is facing many challenges. For 330 years the Lloyd’s market has demonstrated its ability to innovate and adapt, and I look forward to playing my part to ensure this unique marketplace remains at the forefront of global commercial corporate and specialty insurance and reinsurance,” he said.

Bruce Carnegie-Brown, chairman of Lloyd’s, said: “John will continue Lloyd’s focus on delivering sustainable profitability, through a combination of underwriting discipline and market modernisation.

“An immediate priority will be the successful launch of Lloyd’s Brussels subsidiary which will enable Lloyd’s to continue serving its customers in the European Economic Area after Brexit.”

Lloyd’s confirmed last year that it would open a new EU operation in Brussels, and plans to have the company up and running on 1 January 2019.

Mr Carnegie-Brown added: “I am grateful to Inga for the leadership she has provided to Lloyd’s over the past five years, during a challenging time for the market. She has driven the market’s modernisation programme, the success of which is evident not least in the recent rapid increase in electronic placement volumes and the launch of the Lloyd’s Lab.”

Ms Beale is the first woman ever appointed to lead Lloyd’s and came top of a list of inspiring LGBT chief executives in 2015. She has been lauded for promoting diversity and modernisation during her tenure as Lloyd’s CEO.

When she announced her departure, Ms Beale said the decision to leave had “been a tough one”.

“When the time comes I will miss the energy, innovative spirit and expertise that I come across every working day,” she said.

“Leading Lloyd's is an honour and I am proud to have played a part in ensuring that it remains relevant and fit for purpose for the future. The world trusts Lloyd's to be there when it matters the most and I believe it is well placed for the next 330 years."

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