John Neal is taking over from Inga Beale as chief executive of Lloyd’s
Former QBE chief executive John Neal will take up the role as the next chief executive of Lloyd’s from 15 October.
The announcement followed a meeting of the Council of Lloyd’s, where his appointment as successor to Inga Beale was approved unanimously.
Neal (pictued), left Australian insurer QBE at the end of 2017.
On confirming the appointment, Bruce Carnegie-Brown, chairman of Lloyd’s, said: “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.”
And Carnegie-Brown showed his appreciation for the work Beale had done during her time in the role.
Beale has led the Lloyd’s market since 2014 and focused on modernisation, including its PPL system for electronic placement, as well as diversity and inclusion initiatives to attract talent to Lloyd’s.
Beale also presided over expansion of Lloyd’s overseas hubs, including Lloyd’s China, new Dubai and India offices, and its new Brexit hub for Continental business, run from Brussels.
Carnegie-Brown said: “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.”
Neal was QBE’s chief executive for five years between 2012 and 2017, after serving as chief underwriting officer and chief operating officer (COO) within the insurer’s European business.
He has experience encouraging insurance technology partnerships, such as Cytora and RiskGenius, which in line with the new Lloyd’s Lab technology incubator.
Neal said: ”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.”
Lloyd’s announced at the end of August that its COO, Vincent Vandendael, is also leaving the Corporation after almost six years.
Vandendael will be moving to Everest Insurance as CEO of international insurance in early 2019.
On Beale’s leaving announcement in June, the outgoing Lloyd’s CEO commented: “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.
“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,” she added.