Inga Beale, the chief executive of Lloyd’s of London, has confirmed that she is to step down next year.
Ms Beale has led the insurance market for five years, but said that she has taken the “tough” decision to leave.
“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,” the chief executive said in a statement.
Lloyd’s said that her tenure has seen a “transformation” within the company, leading to significant cultural change and the adoption of new technology.
Her leaving date will be confirmed in due course and the search for a successor is under way.
Chairman Bruce Carnegie-Brown 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.”
Her departure comes after Lloyd’s slumped to its first loss for six years off the back of a string of devastating hurricanes and earthquakes in 2017.
The insurance market said major claims more than doubled to £4.5 billion in an “exceptionally difficult” year, sending it tumbling £2 billion into the red.
Insurers have been hit by mammoth bills following hurricanes in the Caribbean and Florida, earthquakes in Mexico and wildfires in California.
It was one of the “costliest years for natural catastrophes in the past decade”, according to the group.