John Neal has been appointed as the chief executive officer of Lloyd’s following a meeting of the Council of Lloyd’s, where his appointment as successor to Inga Beale was approved unanimously.
Neal will take up his position at Lloyd’s on Oct. 15, 2018.
Neal’s whole career has been associated with the Lloyd’s market, first as an underwriter and later as CEO of the Ensign Managing Agency, said Lloyd’s in a statement.
He was most recently group CEO of QBE, a global insurance and reinsurance business with a significant Lloyd’s footprint. In this role he was responsible for running a $14 billion gross written premium (GWP) business with over 14,000 employees in 37 countries. Neal helped turn around the insurer during his tenure, but became mired in scandal over an affair with his secretary that was not properly disclosed as required by QBE’s code of conduct. He stepped down and was succeeded by Patrick Regan in January.
“On behalf of the market, I am delighted to welcome John to Lloyd’s. His wealth of experience both at Lloyd’s and internationally, including the US, will bring new insights and fresh thinking at a challenging time for the global insurance industry,” commented Bruce Carnegie-Brown, chairman of Lloyd’s.
“John will continue Lloyd’s focus on delivering sustainable profitability, through a combination of underwriting discipline and market modernization,” he added.
“An immediate priority will be the successful launch of Lloyd’s Brussels subsidiary which will enable Lloyd’s to continue serving its customers in the European Economic Area after Brexit,” Carnegie-Brown added.
“I am grateful to Inga for the leadership she has provided to Lloyd’s over the past five years, during a challenging time for the market. She has driven the market’s modernization program, the success of which is evident not least in the recent rapid increase in electronic placement volumes and the launch of the Lloyd’s Lab,” he said.
“I am thrilled to be offered the opportunity to lead Lloyd’s, and will do so with the same excitement I felt when I first stepped into the Underwriting Room back in 1985,” commented Neal.
The appointment is subject to approval and consent from the Prudential Regulation Authority and the Financial Conduct Authority.
Source: Lloyd’s
Topics Excess Surplus Lloyd's
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