John Neal has been appointed to succeed Inga Beale as the Chief Executive Officer (CEO) of the specialist Lloyd’s of London insurance and reinsurance marketplace, beginning on 15 October 2018.
The search for a new head has been underway since June, when it was revealed that Beale, who has led Lloyd’s as CEO for the past five years, planned to step down from her position in 2019.
Neal, whose appointment was approved unanimously by a meeting of the Council of Lloyd’s, most recently served as Group CEO of QBE, a global re/insurer with a significant Lloyd’s footprint.
As head of QBE, Neal was responsible for running a $14 billion gross written premium (GWP) business with over 14,000 employees in 37 countries.
He has also been associated with the Lloyd’s market throughout his career, having started there as an underwriter in 1985 before later becoming CEO of the Ensign Managing Agency.
Lloyd’s said that as an experienced global CEO, Neal has “a track record as a highly effective leader who can deliver business transformation.”
Bruce Carnegie-Brown, Chairman of Lloyd’s, commented on the announcement: “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.”
He continued: “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 also stated: “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,” he added. “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.”
