AIG agreed to pay former Lloyd’s CEO John Neal $2.7 mn even though he won’t be joining the company after all. The decision closes out a leadership move that had been in motion since summer but unraveled fast.
In a filing with the SEC, AIG said it finalized documents tied to the earlier agreement with Neal. Both sides decided he would not join the group, and the company will pay him incentives he left behind at his former employer
The timing lands just as Lloyd’s digs into what the market calls speculation about historic breaches of policy. That review began after Lloyd’s Chair Charles Roxburgh heard talk circulating in the market. He ordered an independent fact finding review in October to confirm the corporation’s processes aligned with regulatory expectations.
That work uncovered that internal procedures weren’t fully followed in a prior matter. More information surfaced recently, and Lloyd’s launched a formal investigation supported by a law firm.
AIG had already disclosed Nov. 14 that Neal would not join the company as planned due to personal circumstances. He had been slated to take over as president on Dec. 1, 2025.
AIG Chairman and CEO Peter Zaffino said he will continue working with the board on future organizational structure to steer performance for clients, partners, and stakeholders.
AIG originally named Neal president in July. The role would have put him in charge of the insurer’s general insurance business, including North America commercial, international commercial, and global personal insurance operations.
Mr. Neal was formerly the CEO of Lloyd’s of London, a leading insurance marketplace, serving in the role from October 2018 to January 2025.
He is credited with leading its successful turnaround during that time. Before Lloyd’s, Mr. Neal was the Group CEO of QBE, where he held several senior leadership roles throughout his career, including Chief Underwriting Officer and Chief Operations Officer for the company’s European operations.
