Inga Beale is to step down as the chief executive officer (CEO) of Lloyd’s of London in 2019, five years after she joined the corporation.
A Lloyd’s statement confirmed Beale’s departure but did not disclose her reason for leaving while her departure date will be announced “in due course”.
InsuranceERM has contacted Lloyd’s for further information.
Beale said: “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 joined Lloyd’s in January 2014 having previously been CEO of Canopius with its principal operations at Lloyd's. Prior to that Beale was global chief underwriting officer at Zurich and group CEO of Converium, a Swiss reinsurer acquired by Scor in 2007. Beale started her career as a reinsurance underwriter with Prudential before spending 14 years in a variety of roles for GE Insurance Solutions.
She is a member of the UK government’s Financial Services Trade and Investment Board, the UK Department for Education’s Business Advisory Group, the London Mayor’s Business Advisory Board, the Geneva Association Board. She is also the current president of the UK Chartered Insurance Institute.
Bruce Carnegie-Brown, chairman at Lloyd’s, said: “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.”
The announcement came two months after Lloyd’s chief financial officer John Parry said he would step down after 17 years with the corporation.
Earlier this year Lloyd’s reported a £2bn ($2.63bn) pre-tax loss for 2017 after a series of major natural catastrophes in the second half of the year.