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Lloyd's of London's first female CEO Inga Beale to step down Lloyd's of London's first female CEO Inga Beale to step down
(6 months later)
Inga Beale, the first female chief executive of Lloyd’s of London, is to step down as the head of the insurance market next year.Inga Beale, the first female chief executive of Lloyd’s of London, is to step down as the head of the insurance market next year.
Her departure comes amid concerns that despite a modernisation drive, it is losing ground to rival centres such as Singapore and failing to stem losses. Last year, Lloyd’s slumped to a £2bn loss as the market was hit by a series of major hurricanes and earthquakes.Her departure comes amid concerns that despite a modernisation drive, it is losing ground to rival centres such as Singapore and failing to stem losses. Last year, Lloyd’s slumped to a £2bn loss as the market was hit by a series of major hurricanes and earthquakes.
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Beale was appointed chief executive of the 332-year-old insurance market in January 2014, becoming the first woman to hold the role and also one of the UK’s few openly bisexual senior business leaders.Beale was appointed chief executive of the 332-year-old insurance market in January 2014, becoming the first woman to hold the role and also one of the UK’s few openly bisexual senior business leaders.
In 2015, she topped the power list of the world’s leading 100 LGBT executives. Beale launched the Inclusion@Lloyd’s diversity and inclusion initiative, which is celebrated via the annual Dive In festival.In 2015, she topped the power list of the world’s leading 100 LGBT executives. Beale launched the Inclusion@Lloyd’s diversity and inclusion initiative, which is celebrated via the annual Dive In festival.
In a statement, she said it had been an honour to run Lloyd’s. “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,” she said.In a statement, she said it had been an honour to run Lloyd’s. “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,” she said.
The exact date of Beale’s departure has not been announced but the search for her successor is already under way.The exact date of Beale’s departure has not been announced but the search for her successor is already under way.
Her appointment to the job came 40 years after the first woman entered the Lloyd’s dealing floor as a broker. As chief executive, she led a push for a more diverse workforce in the market, which is made up of more than 80 insurance syndicates.Her appointment to the job came 40 years after the first woman entered the Lloyd’s dealing floor as a broker. As chief executive, she led a push for a more diverse workforce in the market, which is made up of more than 80 insurance syndicates.
Beale has also encouraged a move to electronic processing, with plans to ditch most paper trades by the end of next year. Insurance staff traditionally carry their documentation around the 14-storey Lloyd’s building in the City of London in briefcases or even suitcases.Beale has also encouraged a move to electronic processing, with plans to ditch most paper trades by the end of next year. Insurance staff traditionally carry their documentation around the 14-storey Lloyd’s building in the City of London in briefcases or even suitcases.
Lloyd’s is reviewing costs after a series of natural catastrophes resulted in the £2bn loss last year and is asking syndicates to provide action plans for their least profitable areas of business. A report last year showed the London insurance and reinsurance markets were losing out to other centres such as Bermuda and Singapore.Lloyd’s is reviewing costs after a series of natural catastrophes resulted in the £2bn loss last year and is asking syndicates to provide action plans for their least profitable areas of business. A report last year showed the London insurance and reinsurance markets were losing out to other centres such as Bermuda and Singapore.
Before leading Lloyd’s, Beale had a number of senior roles in the insurance industry, despite a dispiriting start to her career.Before leading Lloyd’s, Beale had a number of senior roles in the insurance industry, despite a dispiriting start to her career.
After beginning in the City in the 1980s, she quit after less than 10 years, frustrated by an environment that circulated around drinking.After beginning in the City in the 1980s, she quit after less than 10 years, frustrated by an environment that circulated around drinking.
She returned after a year out in Australia, where she worked as receptionist for the BBC at an office run by a woman, a role model of the kind absent in London and it gave her the courage to return to her career in financial services.She returned after a year out in Australia, where she worked as receptionist for the BBC at an office run by a woman, a role model of the kind absent in London and it gave her the courage to return to her career in financial services.
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