Lloyd’s of London chief executive Inga Beale will step down next year after five years in charge at the insurance giant.
Beale was the first female chief executive at Lloyd’s and led a push for a more diverse workforce and the adoption of new technology.
“Her boldness and persistence have generated the momentum required to bring about real change,” Bruce Carnegie-Brown, who became chairman last year, said in a statement.
Despite her drive to modernise the centuries old insurance market with a move to electronic processing, it has been losing ground to rival centres such as Singapore.
The insurer, which started in Edward Lloyd’s coffee house in 1688, posted a £2bn loss last year, following a series of natural disasters.
In response, Lloyd’s is reviewing costs and asking syndicates to provide action plans to boost less profitable businesses.