Lloyd’s of London, the global commercial insurance market, has announced that its CEO, John Neal, will step down in 2025 to take up a new role at Aon.
Neal will become the global CEO of Aon’s reinsurance business and global chairman of climate solutions, according to Reuters.
Lloyd’s of London, a specialist insurance and reinsurance market made up of more than 50 commercial insurers, operates globally and has a long-standing reputation in the industry.
Neal, who has served as CEO of Lloyd’s for over six years, previously held the position of group CEO at insurer QBE.
Under his leadership, Lloyd’s has navigated significant challenges, including losses from the pandemic, wars, and natural disasters. These efforts have resulted in a notable 26% increase in first-half profit for 2023.
Neal’s move to Aon will see him taking on the dual roles of global CEO of reinsurance and global chairman of climate solutions. In his new position, he will report to Andy Marcell, Aon’s chief executive of risk capital, and join the firm’s risk capital leadership team.
During the transition period in 2025, Neal will remain involved in supporting the planned succession of a new chair for Lloyd’s Council and the executive leadership transition. His departure follows the announcement last year of chairman Bruce Carnegie-Brown’s resignation, with Charles Roxburgh set to take over the role in May 2025.
Sheila Cameron, CEO of the Lloyd’s Market Association, stated, “We 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.” She also emphasised the association’s focus on enhancing underwriting expertise, digitalisation, and cultural reforms.
Potential candidates for Neal’s successor include Patrick Tiernan, currently Lloyd’s chief of markets, though the company has not confirmed any details.
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