(Bloomberg) -- Lloyd’s of London named Inga Beale as the first female chief executive officer in the insurance market’s 325-year history.

Beale, 50, who was most recently CEO of closely held insurer Canopius Group Ltd., succeeds Richard Ward, who said he would step down in July after almost eight years. Beale starts at the world’s oldest insurance market in January, Lloyd’s said in a statement today.

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