John Neal has been appointed as chief executive of Lloyd's of London, succeeding Inga Beale, who had been in the role since 2013.
His appointment was ratified after a meeting of the Council of Lloyd's where his appointment was unanimously approved.
He will begin his new role at Lloyd’s on 15 October 2018.
Previously John Neal was group chief executive at Australian insurance giant QBE, steering the company through a turbulent period where he was forced to write down a series of major assets acquired by his long-serving predecessor in the role, Francis O'Halloran.
He was, however, praised by analysts for simplifying the business and his experience in leading the turnaround of QBE during a difficult period was reportedly a deciding factor in Lloyd's offering him the role.
Neal had also worked for Lloyd's as an underwriter three decades ago before later moving to lead the Ensign Managing Agency.
Commenting on his appointment, Neal said: “I am thrilled to be offered the opportunity to lead Lloyd’s, and will do so with the same excitement I felt when I first stepped into the underwriting room back in 1985.
Bruce Carnegie-Brown, the chairman of Lloyd's who had spearheaded the search for a new chief, said he hoped that the appointment would bring new ideas to the company.
“On behalf of the market, I am delighted to welcome John to Lloyd’s," he said. "His wealth of experience both at Lloyd’s and internationally, including the US, will bring new insights and fresh thinking at a challenging time for the global insurance industry."
He also emphasised the need to ready the insurance company for the world of business after Brexit, adding: “An immediate priority will be the successful launch of Lloyd’s Brussels subsidiary, which will enable Lloyd’s to continue serving its customers in the European Economic Area after Brexit."
The appointment is subject to approval from the PRA and FCA, the financial regulatory authorities.