Lloyd's has announced that its CEO Inga Beale will step down next year after leading the global insurance and reinsurance market for five years.

Ms Beale joined Lloyd’s in January 2014. Since then, her commitment to transformation across the market, and within the Corporation, has led to significant cultural change and the adoption of new technology that has accelerated the market’s modernisation and digitalisation, says Lloyd's in a statement.

She will leave Lloyd’s with a strengthened reputation as one of the most respected and trusted insurance brands in the world, with a strong and experienced leadership team focused on delivering Lloyd’s strategic priorities.

Ms Beale said, “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. Leading Lloyd’s is an honour and I am proud to have played a part in ensuring that it remains relevant and fit for purpose for the future. The world trusts Lloyd’s to be there when it matters the most and I believe it is well placed for the next 330 years.”

Mr Bruce Carnegie-Brown, chairman at Lloyd’s, said, “In her five years at Lloyd’s, Inga has set in motion a series of changes aimed at modernising the market and making it more efficient and inclusive. Her boldness and persistence have generated the momentum required to bring about real change.”

Ms Beale's departure date will be confirmed in due course.