Latest news with #JohnNeal
Times
4 days ago
- Business
- Times
Lloyd's delays John Neal's AIG start over competition fears
Lloyd's of London has blocked its former chief executive John Neal from starting his new job at American insurance giant AIG until December, to avoid concerns about competition and confidentiality. Neal resigned from the insurance market in January, after six years as chief executive, to take up a role at Aon, the professional services and insurance firm. But last week, the insurance industry was stunned when it was announced he would instead join AIG. Neal worked his notice at Lloyd's until May and was due to start his new role at Aon in September. However, he will not join AIG until December. It is thought that the change in the start date relates to the fact that Lloyd's, as an insurance market, regards AIG, an underwriter, as a closer competitor than Aon, which is a broker. It is not clear whether Neal will be paid during this additional period. His salary was £770,000 before bonuses. He and Lloyd's declined to comment. Lloyd's traces its roots back to the Edward Lloyd coffee shop in London in 1688 and has evolved from insuring ships to a wide range of potential risks, from cyber to satellite launches. According to AIG, Neal will have offices in both London and New York and will join as president, running general insurance. He has known Peter Zaffino, AIG's chairman and chief executive, for more than 20 years. In an email to staff, according to a source, Zaffino described Neal 'as one of the most accomplished executives in our industry'. AIG launched a syndicate at Lloyd's earlier this year. At Aon, Neal was to have become global chief executive of reinsurance and global chairman of climate solutions. Its chief executive, Greg Case, said he wished Neal 'great success' and that Aon looked 'forward to working with him at AIG'. At Lloyd's, he has been replaced by insider Patrick Tiernan.
Yahoo
5 days ago
- Business
- Yahoo
AIG names former Lloyd's CEO as its new president
American International Group (AIG) has appointed John Neal as president to lead its General Insurance organisation, effective 1 December 2025. The company's General Insurance organisation encompasses the North America Commercial Insurance, International Commercial Insurance and Global Personal Insurance businesses. He will join the executive leadership team and report to AIG chairman and CEO Peter Zaffino. Zaffino said: 'I have known John for more than 20 years, and he is widely recognised as one of the most accomplished insurance executives in the industry. His appointment adds significant depth, global underwriting experience and talent to our leadership team. 'I am confident that John will continue to enhance our culture of underwriting excellence.' Neal's experience in the insurance industry includes a tenure as the CEO of Lloyd's of London, where he served from October 2018 to January 2025. Prior to his role at Lloyd's, he was the group CEO of QBE, where he held various senior leadership positions including chief underwriting officer and chief operations officer for the company's European operations. Neal stated: 'AIG is an iconic, global insurance industry leader, recognised for the deep technical expertise of its team and its remarkable strategic repositioning. I am honoured to take on the role of president and look forward to working closely with Peter and AIG's talented colleagues around the world on behalf of our clients and stakeholders.' Earlier in January 2025, it was reported that Neal would be leaving Lloyd's to join Aon as the head of its reinsurance operations. However, Neal has since accepted the position at AIG. "AIG names former Lloyd's CEO as its new president " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Wall Street Journal
16-07-2025
- Business
- Wall Street Journal
AIG Snags Former Lloyd's CEO John Neal From Aon
American International Group has hired John Neal as president of the insurance giant, snatching the former Lloyd's of London chief from insurance broker Aon AON -0.40%decrease; red down pointing triangle. AIG AIG -0.02%decrease; red down pointing triangle on Wednesday said Neal joins the New York company on Dec. 1 and will lead its general insurance organization, which includes the North America commercial insurance, international commercial insurance and global personal insurance businesses.
Daily Mail
08-05-2025
- Business
- Daily Mail
Insurance marketplace Lloyd's of London appoints Patrick Tiernan as its new chief exec
Insurance marketplace Lloyd's of London has appointed Patrick Tiernan as chief executive to replace John Neal. Tiernan, 50, takes charge on June 1 after being chief of markets there for the past four years. Lloyd's traces its roots back to a 17th-century coffee house where merchants met to trade news. Chairman Sir Charles Roxburgh said: 'Patrick's profound understanding of the market, coupled with his commercial acumen and industry expertise, will ensure Lloyd's continues to focus on consistent and disciplined performance.'
Irish Times
08-05-2025
- Business
- Irish Times
Lloyd's of London names Dubliner as next CEO
Lloyd's of London has named Dublin-native Patrick Tiernan as its next chief executive following the departure of current boss John Neal who is set to move to Aon. From Clonskeagh in south Dublin, Tiernan joined the 340-year-old market insurance place in May 2021 as the company's first chief of markets and will assume his new role at the beginning of June, according to a statement Wednesday. Prior to Lloyd's he held various roles at Aviva including chief financial officer of the insurance unit. He attended St Benildus College and UCD. At 50, he is the youngest boss in the history of Lloyd's. The handover comes after Neal led the historic institution through a period of upheaval, pushing through a major modernization program that took in both its culture and working methods. Tiernan takes the reins as as the insurance industry grapples with increased pressure from adverse weather events related to climate change that have threatened to make some previously densely populated areas financially inviable to insure. READ MORE 'My primary focus will be supporting the commercial success of our market participants while keeping an iron grip on underwriting discipline and safeguarding the financial strength of the corporation,' Tiernan said. --Bloomberg
