LONDON — Lloyd’s of London named John Neal as its new chief executive officer, succeeding Inga Beale at the helm of the world’s oldest and biggest insurance market.
Neal, 53, who used to run Australia’s QBE Insurance Group Ltd., will take the reins at a difficult time for Lloyd’s. The 330-year-old market lost money for the first time in six years in 2017 and — like other U.K. businesses — is facing a more complicated business environment after Brexit. Beale’s attempts to encourage underwriters to conduct their business electronically is also a work in progress, with many firms still using a rubber stamp to seal deals on paper.
