John Neal has officially begun his role as CEO of Lloyd’s as the Corporation formally welcomed his arrival and the former QBE chief executive outlined some of his immediate priorities.

In a statement, Neal said: “It is a privilege to take the helm at Lloyd’s, the world’s most important commercial insurance and reinsurance marketplace, and the place where I started my career in 1985.”

 “As I begin this role, it is important that we focus on maintaining the market’s reputation for innovation, accelerating our efforts to modernise the ways in which we do business, and take the time to listen to all of our stakeholders, who are critical to the future wellbeing of the Lloyd’s market,” he said.

Meanwhile, the Corporation’s chairman Bruce Carnegie-Brown said that he was “delighted” to welcome Neal to Lloyd’s.

“He joins us at an important time and will continue the drive to improve the market’s long-term success through a number of critical areas of focus, including improving the market’s underlying performance, and the launch of Lloyd’s Brussels subsidiary.

“John brings a wealth of experience and real enthusiasm for tackling the challenges ahead. I am confident that Lloyd’s will continue to thrive under his leadership."

Neal’s entire career has been associated with the Lloyd’s market, most recently serving as group CEO of QBE. He was also an underwriter and later CEO of the Ensign Managing Agency.

He succeeds Inga Beale, who announced her intention to step down from the lead role in June after becoming Lloyd’s first female CEO at the beginning of 2014.