Lloyd’s first female CEO to step down next year

The 332-year-old insurance market Lloyd’s of London has started search for a new boss as its first female Chief Executive Inga Beale (pictured: Photo credit: Twitter/@LloydsofLondon) will be leaving next year after serving it for five years. Beale’s departure comes amid competition from rival centres and losses despite modernisation drive under her leadership. It was a tough decision for Beale who initiated changes in the market, which is made up of more than 80 insurance syndicates, to make it more efficient and inclusive. Lloyd’s Chairman Bruce Carnegie-Brown appreciated her boldness and persistence that helped in giving momentum to the reforms push. But despite her best efforts, Lloyd’s posted its first annual loss in six years earlier this year after hurricanes and other disasters hit North America and the Caribbean. Lloyd’s will be opening a subsidiary in Brussels after Britain leaves EU early next year.