On 15 October, the former head of Australia-based insurer QBE is set to take up the reins as CEO of Lloyd’s, replacing Inga Beale, who has been in the position since 2014. Neal stepped down as group CEO of QBE last year after a shock profit warning, but the experienced former underwriter is ready to take on the challenges at Lloyd’s – QBE has a significant Lloyd’s footprint, so Neal is familiar with the requirements of the market.
“I am thrilled to be offered the opportunity to lead Lloyd’s, and will do so with the same excitement I felt when I first stepped into the underwriting room back in 1985,” he said. “The insurance sector is facing many challenges. For 330 years the Lloyd’s market has demonstrated its ability to innovate and adapt, and I look forward to playing my part to ensure this unique marketplace remains at the forefront of global commercial corporate and specialty insurance and reinsurance.”
In his position at QBE, Neal was responsible for running a $14bn gross written premium (GWP) business with more than 14 000 employees in 37 countries. With a proven track record of business leadership, he joins Lloyd’s at a critical moment – some of the challenges he faces include departing executives and the accelerated pace of technological change.
Lloyd’s chairman Bruce Carnegie-Brown says Neal’s immediate priority will be to launch a post-Brexit subsidiary in Brussels to allow Lloyd’s to continue serving its European customers.