Lloyd's of London, the world's biggest insurance market, has appointed a female boss for the first time in its 325-year history.
Inga Beale, who has more than 30 years' experience in the industry, will take up the role in January, replacing the outgoing Richard Ward.
It follows an "extensive global search" by Lloyd's for someone with the right credentials for the job.
Ms Beale replaces former CEO Richard Ward Chairman John Nelson said he was "absolutely delighted" with the appointment.
"Inga's CEO experience, underwriting background, international experience and operational skills, together with her knowledge of the Lloyd's market, make her the ideal chief executive," he said.
A prominent gender divide remains in the City, where four in every five workers are male, according to recruitment company Astbury Marsden.
Fewer than half of staff consider their employer has a clear policy on diversity, while just one in five believe their firm actively recruits with diversity in mind.
Ms Beale, whose appointment follows that of Charlotte Hogg to chief operating officer of the Bank of England, said: "I'm looking forward to working with the Lloyd's team ... to deliver a strategy for profitable and sustainable growth."
The 50-year-old's most recent role was as group chief executive of Canopius, prior to which she worked at Zurich Insurance as its global chief underwriting officer.
She started her career at Prudential, working as an underwriter at its London offices.
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