Lloyd's of London has announced that John Neal will step down as chief executive officer in 2025 after more than six years leading the world's oldest insurance market, to take up a new role at insurance broker Aon.

Neal's departure comes at a crucial time for Lloyd's, coinciding with a leadership transition as chairman Bruce Carnegie-Brown is also set to leave, with Charles Roxburgh taking the chairman role in May 2025.

During his tenure since 2018, Neal has guided Lloyd's through significant challenges including the global pandemic, geopolitical conflicts, and major natural catastrophes. Under his leadership, the insurance market achieved what it describes as its strongest financial position in its 340-year history.

"Since appointing John as CEO in 2018, he has made a tremendous contribution to Lloyd's. 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," said Carnegie-Brown.

However, Neal's tenure has not been without criticism, particularly regarding the pace of technological change at Lloyd's, where business traditionally takes place face-to-face in the market's City of London tower.

Sheila Cameron, chief executive of the Lloyd's Market Association, said the trade body would "look forward to working with both the outgoing and incoming chairman on the selection process for the next chief executive officer of Lloyd's, who is so critical to shaping Lloyd's international reputation."

Neal, who has a 12-month notice period, will remain in post to support the leadership transition. Industry sources suggest Patrick Tiernan, currently chief of markets at Lloyd's, could be a possible successor, though Lloyd's declined to comment on succession planning.

Following his departure, Neal will join Aon as global chairman of climate solutions and global chief executive officer of reinsurance. "I will be forever grateful to my colleagues and many others across the Lloyd's market for the opportunity to put in place a framework that has delivered strong and sustainable financial performance and positions Lloyd's for future success," Neal said.

Before joining Lloyd's, Neal served as group chief executive officer of QBE, where he managed a $14 billion gross written premium business with over 14,000 employees across 37 countries.

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