Former boss of Australian insurance group named as Lloyd’s of London’s chief executive
The former boss of an Australian insurance group has been named as Lloyd’s of London’s chief executive.
John Neal will take over at the 332-year-old City institution in just over a month when Inga Beale, its first female chief, steps down.
The 54-year-old Brit is a former Lloyd’s underwriter and was previously based in London when he ran operations for Sydney-based business insurer QBE.
Returning to the fold: John Neal is a former Lloyd’s underwriter and was previously based in London
His appointment at Lloyd’s was confirmed at a meeting on Thursday after it was backed by the company’s pay committee.
He left QBE last year after five years as chief executive. The company’s board had slashed his pay by a fifth over an affair he had with his personal assistant. He had failed to disclose the relationship promptly, which the company said could have led to conflicts of interest.
It followed Neal’s separation from his wife in 2016. His personal assistant, who had worked for him for ten years, left QBE after her relationship with Neal emerged.
The company’s board cut his planned £1.7m bonus by about £340,000 at the time.
Beale’s departure from the centuries-old insurance market came amid concerns the firm was losing ground to rival centres such as Singapore.