John Neal, the former boss of Australia-based insurer QBE, has been hired as the new chief executive of Lloyd’s of London, replacing Inga Beale who has led the market since 2014 and who announced her departure in June.

Lloyd’s suffered through a difficult 2017, and the new appointment comes at a critical time for the company; however, Lloyd’s chairman Bruce Carnegie-Brown is confident that the move is a positive one: “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.”

Commenting on his appointment, 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.”

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