By Carolyn Cohn and Simon Jessop
LONDON (Reuters) -Lloyd’s of London CEO John Neal will leave in 2025 to join insurance broker Aon, the commercial insurance market said on Wednesday, as it faces pressure to speed up automation and improve conduct.
Neal will become global CEO of Aon’s reinsurance business and global chairman of climate solutions, Lloyd’s said in a statement.
Neal has headed Lloyd’s for more than six years, and was previously group CEO of insurer QBE.
His departure follows that of chairman Bruce Carnegie-Brown, who announced his resignation last year. Carnegie-Brown will be replaced by Charles Roxburgh in May 2025.
“During 2025, John will continue to support both the planned succession of a new chair of the Council of Lloyd’s and the executive leadership transition,” Carnegie-Brown said in a statement.
Neal has navigated Lloyd’s through losses from a global pandemic, wars, and natural catastrophes such as hurricanes and wildfires. The market, made up of more than 50 commercial insurance companies, reported a 26% jump in first-half profit.
However, Lloyd’s has also faced criticism for lack of diversity and daytime drinking, while critics say the pace of technological change has been slow. Business traditionally takes place face-to-face in the market’s City of London tower.
Sheila Cameron, CEO of the Lloyd’s Market Association, said the trade body would “look forward to working with both the outgoing and incoming chairman on the selection process for the next CEO of Lloyd’s, who is so critical to shaping Lloyd’s international reputation”.
Cameron said the LMA would also continue to pursue its agenda to boost underwriting expertise, digitalisation and cultural reform in the market.
Patrick Tiernan, currently chief of markets at Lloyd’s, could be a possible successor to Neal, two insurance industry sources said.
A Lloyd’s of London spokesperson declined to comment.
In a separate statement, Aon said Neal would report to Andy Marcell, chief executive of risk capital, and serve as a member of the firm’s risk capital leadership team.
Marcell said Neal would be “instrumental in supporting the team to address the challenges organisations face across the megatrends of trade, technology, weather and workforce”.
(Reporting by Simon Jessop and Carolyn Cohn; Editing by Jane Merriman, Jan Harvey and Deepa Babington)
