Outgoing Lloyd’s CEO Inga Beale has said she is eyeing a final “big” executive role after she steps down from her position at the helm of the market next year.
In an interview with Bloomberg, she said she was committed to doing five years in the job when she took the tiller in 2014.
“When I was approached for the job, it was really exciting, I said, ‘Yes, I’d love to come in, modernise the place [and] introduce technology,’” she said.
“But I knew that when you’re driving a lot of transformation, you have only a certain amount of time before you need somebody new.”
She said that in 2019 she will have completed five years in the role and feels “pretty good” at what has been accomplished in that time.
“It’s therefore time to hand over to somebody else,” the Lloyd’s boss said.
“And I have to be a bit selfish as well,” she went on. “My age means I’m not getting any younger and I want to do one more big executive role if I can.”
Asked whether that job was likely to be in insurance, she said: “Not necessarily.”
“It depends,” she went on, adding: “I’ve worked in insurance my entire career so it might be.”
Asked whether the Lloyd’s chairman Bruce Carnegie-Brown was happy with the pace of change, she said: “Most people think that they’re going too slow, I’ve hardly ever worked anywhere where you think the pace isn’t fast enough.”
“There’s always that pressure on us to deliver faster, but because we’re in a market […] we have so many players to bring along with us,” she said, adding, “We have to bring our customers along as well.”
Discussing last year’s £2bn market loss, Beale said it was driven by natural catastrophes, which cost the Lloyd’s market $12bn.
But she noted that the losses were not a shock, adding: “We have to expect it”.
But she did say: “We do have to try and fix some underlying profitability in non-catastrophe-type business and that’s what we’re focused on this year as well.”
Beale announced her resignation at the end of last month, with head hunters Sainty, Hird & Partners appointed to find her successor.