John Neal is reportedly taking over from Inga Beale as chief executive of Lloyd’s

John Neal, QBE

Former QBE chief executive John Neal is expected to be named the next CEO of Lloyd’s of London.

Neal (pictured), left Australian insurer QBE at the end of 2017.

He will replace Inga Beale at the helm of the 330-year-old re/insurance market when Beale steps down next year, according to a re/insurance report.

Beale has led the Lloyd’s market since 2014 and focused on modernisation, including its PPL system for electronic placement, as well as diversity and inclusion initiatives to attract talent to Lloyd’s.

Beale also presided over expansion of Lloyd’s overseas hubs, including Lloyd’s China, new Dubai and India offices, and its new Brexit hub for Continental business, run from Brussels.

Neal was QBE’s chief executive for five years between 2012 and 2017, after serving as chief underwriting officer and chief operating officer (COO) within the insurer’s European business.

He has experience encouraging insurance technology partnerships, such as Cytora and RiskGenius, which in line with the new Lloyd’s Lab technology incubator.

Lloyd’s announced at the end of August that its COO, Vincent Vandendael, is also leaving the Corporation after almost six years.

Vandendael will be moving to Everest Insurance as CEO of international insurance in early 2019.

Beale’s departure date remains unconfirmed.

On her leaving announcement in June, the outgoing Lloyd’s CEO commented: “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.

“Leading Lloyd’s is an honour and I am proud to have played a part in ensuring that it remains relevant and fit for purpose for the future. The world trusts Lloyd’s to be there when it matters the most and I believe it is well placed for the next 330 years,” she added.

Neal’s appointment as Lloyd’s CEO is understood to be pending final approvals; Lloyd’s declined to comment.