Update 18/01/2025 16:45: An Aon spokesperson has confirmed to InsuranceERM that Andy Marcell will continue in his role as CEO of Reinsurance Solutions and will do so until Neal joins the firm.
Lloyd’s has confirmed that CEO John Neal will step down from his position in 2025 to join Aon as global CEO of reinsurance and global chairman of climate solutions.
Neal's departure marks a significant leadership change for the world's largest insurance and reinsurance marketplace.
During his tenure since October 2018, Neal has led Lloyd's through several global crises, including the Covid-19 pandemic and Brexit. He has been credited with turning around the market's financial performance and positioning it for future success.
Neal said he is proud to have “delivered strong and sustainable financial performance”.
But he has also faced criticism over Lloyd’s climate policies and the market’s culture of drinking and sexual harassment.
Climate campaigners have continuously called out the corporation of failing to implement effective measures and criticised Neal for a "failure to understand" the fossil fuel issue.
The previous Lloyd’s CEO, Inga Beale, had begun to try and create a more inclusive culture in the London market. But it was under Neal’s watch that a Bloomberg story on the “old daytime-drinking, sexual harassing ways” was published.
Neal took the criticisms on board and moved to ban daytime drinking among Lloyd’s employees, among other steps. The corporation brought several misconduct cases, sometimes against senior executives, but most acknowledge there is still progress to be made.
He also oversaw the introduction of an ambitious digitalisation programme Blueprint Two which, like many IT transformation projects, has been dogged by delays.
Lloyd's chairman Bruce Carnegie-Brown praised Neal's contributions, stating: "Today we see excellent performance at Lloyd's, real strategic intent and execution, and an industry-leading voice that is valued by governments, regulators and customers around the world."
Carnegie-Brown added Neal will continue to support the succession of a new chair of the Council of Lloyd's and the executive leadership transition during 2025.
Neal previously worked as CEO of global underwriting operations at Australia’s QBE Insurance in 2011 before becoming group CEO in 2012.
Insurance Insider originally reported the news, later confirmed by Lloyd’s and Aon.