The head of Australian insurer QBE has been confirmed as the new chief executive of insurance marketplace Lloyd’s of London.
John Neal will replace outgoing boss Inga Beale, whose departure was announced in June.
He will take up the position on October 15, after securing a unanimous appointment by the Council of Lloyd’s.
Prior to heading up QBE he was associated with the Lloyd’s market as underwriter and later as chief executive of the Ensign Managing Agency.
Lloyd’s of London chairman Bruce Carnegie-Brown said he was “delighted” to welcome Mr Neal 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.”
Lloyd’s first announced plans for Brussels as the location of its post-Brexit EU subsidiary last year, and had its licence approved this past May.
Mr Carnegie-Brown also thanked outgoing boss Inga Beale for her five years as chief executive, which he said came “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 own appointment, Mr 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.”