Lloyd’s has named John Neal as its new CEO, succeeding Inga Beale.
The appointment was unanimously approved by the council of Lloyd’s and Neal will assume his new role on 15 October 2018.
Neal’s whole career has been associated with the Lloyd’s market, most recently serving as group CEO of QBE. He was also an underwriter and later CEO of the Ensign Managing Agency.
Neal brings extensive experience as a global CEO with a track record as a highly effective leader who can deliver business transformation.
Commenting on the appointment, chairman of Lloyd’s Bruce Carnegie-Brown commented: “On behalf of the market, I am delighted to welcome John to Lloyd’s. His wealth of experience both at Lloyd’s and internationally, including the US, will bring new insights and fresh thinking at a challenging time for the global insurance industry.
"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.
“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.”
Commenting on his appointment, Neal added: “I am thrilled to be offered the opportunity to lead Lloyd’s, and will do so 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.”
The appointment is subject to approval and consent from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).