August 31, 2018 / 12:28 PM / 2 months ago

Lloyd's of London Brexit chief quits for insurer Everest

LONDON (Reuters) - The head of Lloyd’s of London’s Brexit operations is leaving to join Everest Insurance, the specialist UK insurance market said on Friday.

FILE PHOTO - People walk outside Lloyds of London's headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson

Lloyd’s’ chief commercial officer Vincent Vandendael will join Bermuda-based Everest (RE.N) in early 2019 as chief executive for international insurance, Lloyd’s said in a statement.

Vandendael was responsible for setting up Lloyd’s’ Brussels subsidiary to serve its European customers after Britain leaves the European Union. The subsidiary is due to start operating by January 2019.

Lloyd’s houses more than 80 syndicate members in its City of London building and specialises in complex insurance risks.

Vandendael’s departure follows that of chief executive Inga Beale, who resigned in June.

“Lloyd’s’ international network has flourished under Vincent’s leadership,” Beale said in the statement, pointing to expansion into emerging markets like China, Dubai and Singapore.

Due to a record year for insurance losses from natural catastrophes, the 300-year-old Lloyd’s market suffered a two billion pound loss in 2017.

Chief financial officer John Parry also resigned earlier this year.

Lloyd’s is putting pressure on syndicates to cut poorly-performing business and Reuters reported this month that it is reviewing all aspects of its business.

Vandendael joined Lloyd’s in December 2012. His departure date has not been fixed, Lloyd’s said.

Reporting by Carolyn Cohn; editing by Maiya Keidan and David Evans

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