Lloyd’s confirms Beale stepping down

Lloyd’s CEO Inga Beale is  stepping down next year after leading the global insurance and reinsurance market for five years.

“The decision to leave has been a tough one and when the time comes I will miss the energy, innovative spirit and expertise that I come across every working day,” Beale 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.”

Beale joined Lloyd’s in January 2014. Since then, her commitment to transformation across the market, and within the corporation, has led to significant cultural change and the adoption of new technology that has accelerated the market’s modernisation and digitalisation, Lloyd’s said in a statement.

Beale was the first female CEO in the market’s history and has overseen a move in the market towards embracing change and new technology as well as a widening of its international scope.

Lloyd’s chairman Bruce Carnegie-Brown commented: “In her five years at Lloyd’s, Inga has set in motion a series of changes aimed at modernising the market and making it more efficient and inclusive. Her boldness and persistence have generated the momentum required to bring about real change. I have very much enjoyed working with Inga, and I am grateful for the support she has given me in my first year as Chairman.”

Inga’s leaving date will be confirmed in due course and the search for her successor is underway.

Charles Manchester, CEO of Manchester Underwriting Management, said: “Inga has spearheaded efforts to modernise Lloyd’s – and with some success. And she’s led the charge on diversity. It’s 2018 and it’s extraordinary that the world’s pre-eminent insurance market should have been where it was in both of these areas, neither of which could be tackled without ruffling feathers.”