Lloyd’s of London, the world’s oldest insurance market, said CEO Richard Ward will quit after eight years in the role.Ward, 56, will step down at the end of December, the London-based market said in a statement. Lloyd’s said it will start a process to identify his successor by the year-end.“As Lloyd’s longest-serving CEO, I believe it is now right to hand over the reins,” Mr Ward said in the statement.Lloyd’s, founded in a London coffee house in the 1680s, swung into profit last year as costs linked to Hurricane Sandy failed to exceed claims in 2011. Sandy, which struck the east coast of the US in October and was the third-most costly natural disaster on record according to Munich Re, cost Lloyd’s about $2.2 billion, ten percent of the industry’s total loss.The Financial Times reported Mr Ward had sought “to ensure that the British market stays relevant in the face of competition from overseas rivals such Bermuda and as emerging markets develop their own insurance industries. He led the opening of hubs in locations including China and Brazil, and helped formulate Lloyd’s so-called Vision 2025 — a development strategy that has won support from David Cameron, the prime minister.”The FT continued: “Mr Ward’s tenure at Lloyd’s — which comprises several underwriting syndicates — was marked by relatively healthy financial performance, but also one of the biggest losses on record, for 2011. The market stood firm and remained well capitalised in spite of a series of natural disasters.“Senior colleagues said there had been questions about Mr Ward’s future since Lord Levene, who recruited him, was replaced as chairman by John Nelson, an ex-Lazard banker, in October 2011.”Mr Ward, 56, who was paid £1.7m including bonuses last year, declined to comment beyond a prepared statement.