Lloyd’s has launched a law firm-led investigation into potential breaches of policy following allegations of a workplace relationship involving former CEO John Neal.
Back in January 2025, it was revealed that Neal, who served as CEO of Lloyd’s since October 2018, would be leaving the marketplace to join broking giant Aon as Global CEO of its reinsurance operation.
Months later, in July, it was reported that the executive would not be joining Aon and instead decided to take on the role of President of AIG, effective December 1st, 2025.
Earlier this month, however, the global insurer announced that Neal will no longer be joining the firm due to personal circumstances.
Separately, in October, Sir Charles Roxburgh, Chair of Lloyd’s, commissioned an independent fact-finding review after becoming aware of market speculation concerning possible historic breaches of policy, aiming to ensure the firm’s processes were robust and fully aligned with regulatory expectations.
“That work identified that our internal processes had not been fully adhered to in respect of a prior matter,” Lloyd’s explained.
In recent days, new information has reportedly emerged, prompting Lloyd’s to launch an investigation with the support of a law firm into the alleged situation involving its former CEO.
While Lloyd’s said it would be inappropriate to comment further while this work is ongoing, the Chair, CEO, Council, and Executive Team stressed they are “united in their commitment to the highest standards of integrity and governance.”
A spokesperson added, “Lloyd’s is the steward of one of the world’s most important markets. We are determined to further its success and uphold the trust placed in us by all those who trade within it.”
In response, Sheila Cameron, CEO of the Lloyd’s Market Association, welcomed the announcement.
“In the renewed spirit of transparency, we look forward to seeing these results made public and concrete actions taken on the back of the findings,” Cameron said.
“Under the new Lloyd’s leadership, there has been a refreshing commitment to behavioural change and openness. We call on Lloyd’s to accelerate their commitment to this change.
“This market is made up of many great people who exhibit exemplary values and behaviours, and they will be as appalled as we are at the possibility of the market being tarnished by alleged poor behaviours from a small minority of leaders, who were previously at the top of Lloyd’s.
“Huge cultural and structural changes have happened since the 2019 Bloomberg report into insurance market culture. Today’s events make it clear that we must reaffirm our market-wide commitment to cultural change at every level in order to protect our market’s reputation. We have come so far on this journey – let’s not allow the actions of the few to deter the will of the many.”
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