The Council of Lloyd’s announced that Inga Beale has been appointed to the position of chief executive to succeed Richard Ward, effective Jan. 1, 2014.
Beale comes to Lloyd’s with three decades of international insurance and reinsurance experience, most recently serving as group chief executive of Canopius, the prominent Lloyd’s managing agent.
Prior to that, she spent four years with Zurich Insurance, including a period as global chief underwriting officer, and was group CEO of Converium Ltd, the Swiss midsize independent reinsurance company. While at Converium, she led a major turnaround of the business before it was acquired by SCOR in 2007.
Ward announced in July that he would be leaving Lloyd’s at the end of this month after eight years at the helm. He has been named chairman of Brit Insurance Holdings BV and is scheduled to start on Feb 1.
John Nelson, chairman of Lloyd’s, commented on the depth of Beale’s experience in a media statement.
“Her CEO experience, underwriting background, international experience and operational skills, together with her knowledge of the Lloyd’s market, make Inga the ideal chief executive for Lloyd’s,” he said.
Beale said: “Lloyd’s is already an international leader, but this unique market has an extraordinary opportunity to increase its footprint and to cement its position as the global hub for specialist insurance and reinsurance. I’m looking forward to working with the Lloyd’s team and the wider market to deliver a strategy for profitable and sustainable growth alongside Lloyd’s robust market oversight.”
Beale started her career as an underwriter with Prudential before spending 14 years in a variety of international roles for GE Insurance Solutions.
Lloyd’s notes that the appointment was made following an extensive global search conducted by Lloyd’s with the support of Odgers Berndtson, and that the appointment has been approved by the UK Regulatory Authorities.