“Not a Lloyd’s I want to be part of,” Neal says
Lloyd’s chief executive John Neal has gone on the record to condemn “instances of bad behaviour” in the London insurance market.
“When we do see instances of bad behavior, and let’s hope they are infrequent, we have got to be public and decisive about the action that we take,” he told Bloomberg Businessweek on Wednesday.
The report found an entrenched culture of sexual misdemeanour in the market, with testimony provided by 18 women with offences ranging to lewd comments to sexual assault.
Neal said that anyone found to be behaving this way would be publically named and shamed and banned from the market. “This is not a Lloyd’s I want to be part of,” he told Bloomberg.
Lloyd’s announced on Tuesday its intention to enforce a robust plan of action to address the reports. The set of actions is intended to increase reporting, impose strong sanctions on those found to be responsible for inappropriate behaviour and create better understanding and awareness of the issues.
The news comes a day after Lloyd’s post a £1bn loss in its underwriting arm.