Inga Beale

Last updated

Dame Inga Kristine Beale, DBE (born 15 May 1963) is a British businesswoman and the former CEO of Lloyd's of London. In June 2018, it was announced that she would be stepping down as CEO of Lloyd's after leading the global insurance and reinsurance market for five years, embedding modernisation and cultural change during her tenure. [1]

Contents

Early life and education

Beale is the second child of an English father and a Norwegian mother. She studied economics and accounting at Newbury College, Berkshire. [2]

Career

Beale started her career in 1982 at Prudential Assurance Company in London. She trained as an underwriter, specialising in international treaty reinsurance. The industry was composed predominantly of men at the time; she once took issue with posters in the office depicting half-naked women, only to have her colleagues plaster them across her computer and chair. [2]

She took a year off in 1989, cycling in Australia and backpacking in Asia. [2] [3] She left Prudential in 1992 to work as an underwriter in General Electric's insurance division. She joined GE's management in Kansas in 2001. She continued on with GE Insurance Solutions until 2006, taking leadership roles in Paris and Munich. Beale then headed Swiss reinsurer Converium, turning the company around. In 2008, she joined Zurich Insurance Group as a member of their Group Management Board. The following year she was named the group's Global Chief Underwriting Officer. From 2012–13, she was the Group CEO at the privately held Lloyd's insurer Canopius. [2]

Beale was announced as the new CEO of Lloyd's of London in December 2013, replacing Richard Ward. She is Lloyd's first female CEO in the insurance market's 328-year history. [4]

Beale, who is bisexual, has been instrumental in the launch of Pride@Lloyds, an internal LGBT employee resource group, and has supported the LGBT Insurance Network. [5]

She helped start the international Insurance Supper Club for leading female executives. [2] In 2015 Beale became the first woman and the first openly bisexual person to be named number one in the OUTstanding & FT Leading LGBT executive power list. [6]

Beale is the Chair of the HIV Commission established by UK AIDS charities the Terrence Higgins Trust and National AIDS Trust. The year-long Commission will publish its recommendations in spring 2021. The UK Government has committed to end HIV transmission in the country by 2030 and will develop its action plan once it receives the HIV Commission’s report. [7]

Beale was appointed Dame Commander of the Order of the British Empire (DBE) in the 2017 New Year Honours for services to the economy. [8]

Brexit

Beale was an active advocate for the need for a settled business operating environment within the UK. At the World Economic Forum in 2018, Beale expressed concerns over the impact on business of remaining Brexit uncertainties as Brexit negotiations enter a second phase to focus on a trade deal once the UK leaves the European Union. [9]

Personal life

Beale played competitive rugby for London's Wasps into her thirties, nearly making it to the international level. [2] In 2013, she married Philippe Pfeiffer, a Swiss jewellery designer, and the couple live in Spitalfields. [10]

Related Research Articles

<span class="mw-page-title-main">Lloyd's of London</span> Insurance market located in the City of London

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".

<span class="mw-page-title-main">American International Group</span> American multinational finance and insurance corporation

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

<span class="mw-page-title-main">M&G</span> British fund management company

M&G plc is a global investment manager headquartered in the City of London. Since its de-merger from Prudential plc, it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Axa XL</span> Bermuda-domiciled insurance company

Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents.

HIV/AIDS was first diagnosed in 1981. As of year-end 2018, 160,493 people have been diagnosed with HIV in the United Kingdom and an estimated 7,500 people are living undiagnosed with HIV. New diagnoses are highest in gay/bisexual men, with an estimated 51% of new diagnosis reporting male same-sex sexual activity as the probable route of infection. Between 2009 and 2018 there was a 32% reduction in new HIV diagnosis, attributed by Public Health England (PHE) to better surveillance and education. PHE has described an "outbreak" in Glasgow amongst people who inject drugs, and has campaigns targeting men who have sex with men in London and other major cities. London was the first city in the world to reach the World Health Organization target for HIV, set at 90% of those with HIV diagnosed, 90% of those diagnosed on HAART and 90% of those on HAART undetectable. The UK as a whole later achieved the same target. Under the Equality Act 2010, it is illegal to discriminate against someone based on their HIV status in the UK.

Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.

MS Amlin Ltd is an insurer operating in the Lloyd's, UK, Continental Europe and Bermudian markets. Specialising in providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies around the world, MS Amlin's shares were listed on the London Stock Exchange until it was acquired by Mitsui Sumitomo Insurance Group in February 2016.

<span class="mw-page-title-main">Hiscox</span>

Hiscox Ltd. is an Anglo-Bermudan insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals, as well as cover against such risks as hacking, kidnapping and satellite damage. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

The International Underwriting Association (IUA) of London, better known as the IUA, represents companies that trade in the London insurance market outside Lloyd's. They include branches or subsidiaries of nearly all the world's largest international insurance and reinsurance companies. The exact size of IUA members’ contribution to the London market is not known. They wrote a total of at least £10 billion premium during 2009, a figure that does not include income processed outside the London market bureau. This business is wholesale, the bulk being made up of insurance for large multinational companies or reinsurance. Most of it is international, brought into London by brokers. The IUA provides a forum for discussing market issues and providing technical support to practitioners. IUA members collectively own a 25% share of Xchanging Ins-sure Services (XIS), the provider of back office processing services to the London market. History The IUA was formed in January 1998 from the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). The main stated reason for the merger was the desire to give the London company market a single voice in dealings with government, regulators and other insurance bodies. Since the ILU had been formed in 1884, the IUA can claim to go back more than a century. The association has always made reform of the London market a top priority, especially the replacement of out-of-date processes and increased use of technology to conduct business. This led in 1999 to the creation of the IUA-Lloyd's Forum. This soon expanded to include brokers and eventually evolved into the London Market Group, which is still active today.

<span class="mw-page-title-main">Brian Duperreault</span> American executive

Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.

<span class="mw-page-title-main">Argo Group</span> Bermuda-based insurance underwriter

Argo Group International Holdings, Ltd, or Argo Group (NYSE: ARGO), is a Bermuda-based international underwriter of specialty insurance products in the property and casualty market.

<span class="mw-page-title-main">Lisa Power</span> British LGBT activist

Lisa Power MBE is a British sexual health and LGBT rights campaigner. She was a volunteer for Lesbian & Gay Switchboard and Secretary General of the International Lesbian and Gay Association. She co-founded the Pink Paper and Stonewall, later becoming Policy Director at the Terrence Higgins Trust. She was the first openly LGBT person to speak at the United Nations and continues to work and volunteer as an LGBT+ and sexual health activist in Wales with groups such as Fast Track Cymru and Pride Cymru.

Dame Anne Mandall Johnson DBE FMedSci is a British epidemiologist, known for her work in public health, especially the areas of HIV, sexually transmitted infections and infectious diseases.

Paul Victor Falzon Sant Manduca was chairman of Prudential plc in the United Kingdom from July 2012 until December 2020. Manduca was awarded a Maltese Order of Merit in 2018.

<span class="mw-page-title-main">Lloyd Russell-Moyle</span> British Labour Co-op politician

Lloyd Cameron Russell-Moyle is a British Labour and Co-operative Party politician who was elected as the Member of Parliament (MP) for Brighton Kemptown in the 2017 general election. He is a member of the left-wing Socialist Campaign Group parliamentary caucus.

<span class="mw-page-title-main">Everest Group</span> Bermudan financial services company

Everest Group, Ltd. is a Bermuda-based provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda and other territories.

London United Investments PLC (LUIS) was a Lloyd's insurance underwriter based in London, United Kingdom. The company collapsed in 1990 in what was at the time the largest bankruptcy of an insurance company. London United Investments was a major player in the US casualty insurance market.

A Part VII transfer, also known as an insurance business transfer scheme, is a transfer of business or parts of a business under Part VII of the Financial Services & Markets Act 2000 in the United Kingdom. Part VII transfers are a common tool used by insurance businesses to address required business transformation in preparation for or in response to Brexit.

<span class="mw-page-title-main">Corebridge Financial</span> American financial services company

Corebridge Financial is an American multinational financial services company. It provides annuities, life insurance, asset management, retirement solutions, and other services. Corebridge was formed after AIG performed a spin-off on the company via an IPO in 2022.

References

  1. ↑ "Lloyd's CEO Inga Beale to leave in 2019 - Lloyd's - The world's specialist insurance market. Also known as Lloyd's of London; is a market where members join together as syndicates to insure risks". lloyds.com. Retrieved 29 August 2018.
  2. 1 2 3 4 5 6 Gray, Alistair (20 December 2013). "Inga Beale, the steely trailblazer shaking up a masculine bastion". Financial Times.
  3. ↑ Kolesnikov-Jessop, Sonia (21 June 2015). "Developing the Confidence to Move Up". The New York Times.
  4. ↑ Armitstead, Louise (16 December 2013). "Lloyd's of London appoints Inga Beale as first female chief executive in 325 years". The Telegraph.
  5. ↑ "2015 Leading 100 LGBT Executives". out-standing.org. 20 October 2015. Retrieved 1 January 2017.
  6. ↑ Julia Kollewe (20 October 2015). "Lloyd's of London boss is first woman to top LGBT power list". The Guardian. Retrieved 1 January 2017.
  7. ↑ National Aids Trust (22 July 2019). "NAT colaunches new HIV Commission to end HIV transmissions in England by 2030 with Government endorsement" . Retrieved 29 June 2020.
  8. ↑ "No. 61803". The London Gazette (Supplement). 31 December 2016. p. N8.
  9. ↑ "Lloyd's Inga Beale cites concern over Brexit uncertainties at the WEF - Reinsurance News". ReinsuranceNe.ws. 29 January 2018. Retrieved 21 February 2018.
  10. ↑ Susannah Butter (14 March 2016). "Lloyd's CEO Inga Beale on coming out as bisexual in a job interview". London Evening Standard. Retrieved 20 April 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.