Inga Beale photo (Bloomberg) -- world's oldest and biggest insurance market

A successor has yet to be found for Beale, who was known for expanding digitization at the company and promoting diversity, Lloyd's said in a statement on Friday.Related: Lloyd's of London CEO says insurance policies at risk without Brexit fixBeale “has set in motion a series of changes aimed at modernizing the market and making it more efficient and inclusive,” said Chairman Bruce Carnegie-Brown, who has been in his role for a year.

Lloyd's planning to cut 10% of staff in U.K.

The 330-year-old market suffered a loss for the first time in six years in 2017, amounting to 2 billion pounds ($2.6 billion) and driven by a series of natural-catastrophe claims. The company said it was planning to cut 10% of its staff in the U.K. as it looked to streamline operations and reduce costs amid continued pricing pressure on members.Insurance Insider reported Beale's departure earlier.Beale took up her post in January 2014 and oversaw a program to modernize the company and cut costs by speeding up the adoption of electronic placement of underwriter risks. She warned in the annual report of 2017 that the digitization wasn't happening fast enough.

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