Insurance market has appointed its first female CEO

Inside Look at Lloyds of London Office insurance market
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Lloyds of London has announced that Inga Beale will be taking the new top spot after Ward steps down.

The giant insurance market, Lloyd’s of London has just announced the appointment of the first female chief executive in the history of the company, who will be replacing the current CEO who had announced in July that he would be stepping down from that position.

The position of CEO will be taken on by Inga Beale in January 2014, according to a statement from the company.

Inside Look at Lloyds of London Office insurance marketAhead of her appointment to the insurance market, Beale has been a veteran of the industry for the last thirty years. She has held the head position of Canopius, an insurer, but will be stepping in as the Lloyd’s CEO next year. According to John Nelson, a chairman at Lloyd’s, “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.”

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Beale intends to continue the efforts to modernize the insurance marketplace that were started by her predecessor.

The 325 year old institution already has a new campaign underway with the intention of bringing it into the present and beyond, and Beale will be continuing to lead Lloyd’s along this path. During Ward’s time at the head of this ancient organization, he brought in a range of new technology and launched a push that would help to ensure that the company keeps its relevancy throughout the rapid changes that are going on around the world, particularly in the economies of Latin America and Asia.

Lloyd’s is not a single insurer, but is instead a massive insurance market that brings together approximately 80 different competing insurance syndicates. Its heart is found in a highly recognizable building that is located in the center of the financial district in London. The company’s well known history began in 1688, when shipping merchants first started gathering and discussing coverage in a local coffee house. It has gone a great distance since that time and intends to maintain its might far into the future, with its next steps under the leadership of its first female CEO.

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