’In recent days, new information has emerged. In response Lloyd’s has launched an investigation with the support of a law firm,’ says spokesperson
Lloyd’s of London has launched an investigation after becoming ”aware of market speculation concerning possible historic breaches of policy”.
In a statement sent to Insurance Times, the marketplace said that chair Sir Charles Roxburgh ”commissioned an independent fact-finding review, to ensure the corporation’s processes were robust and fully aligned with regulatory expectations”.
”That work identified that our internal processes had not been fully adhered to in respect of a prior matter,” a spokesperson said.
”In recent days, new information has emerged. In response Lloyd’s has launched an investigation with the support of a law firm.”
The statement comes following a report by the Wall Street Journal yesterday (19 November 2025), which said that, according to people familiar with the matter, AIG ”pulled John Neal’s appointment as the insurer’s second-in-command after it discovered his previous employer launched an investigation into an alleged workplace affair”.
Neal became Lloyd’s of London’s chief executive in 2018 and led the strategic direction of the marketplace.
He announced he was stepping down earlier this year and was due to join AIG in December 2025 as president, with the role seeing him lead AIG’s general insurance organisation.
However, in an SEC filing published on 14 November 2025, AIG said that it ”has reached a mutual agreement” with Neal “that he will no longer be joining the company due to personal circumstances”.
According to the Wall Street Journal’s sources, the council that runs Lloyd’s recently reopened an inquiry into Neal’s conduct and that it ”couldn’t be learned what prompted the fresh inquiry or how AIG learned of it”.
Full statement
When Insurance Times approached Lloyd’s of London about the Wall Street Journal’s report, a spokesperson for the marketplace said: “After taking on his role earlier this year, Sir Charles Roxburgh, the chair of Lloyd’s, initiated a review of the Lloyd’s Council governance structure.
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”The revised framework will enhance strategic oversight and ensure alignment with statutory responsibilities. This will be announced shortly.
”Separately, Sir Charles became aware of market speculation concerning possible historic breaches of policy. In October, he commissioned an independent fact-finding review, to ensure the corporation’s processes were robust and fully aligned with regulatory expectations.
”That work identified that our internal processes had not been fully adhered to in respect of a prior matter. In recent days, new information has emerged. In response Lloyd’s has launched an investigation with the support of a law firm. It would be inappropriate to comment further while this work is ongoing.
“The chair, chief executive, Council and executive team are united in their commitment to the highest standards of integrity and governance.
“Lloyd’s is the steward of one of the world’s most important markets. We are determined to further its success and uphold the trust placed in us by all those who trade within it.”
Sheila Cameron, chief executive at the Lloyd’s Market Association (LMA), said her firm welcomed the announcement from Lloyd’s about its investigation.
”In the renewed spirit of transparency, we look forward to seeing these results made public and concrete actions taken on the back of the findings,” she said.
“Under the new Lloyd’s leadership, there has been a refreshing commitment to behavioural change and openness. We call on Lloyd’s to accelerate their commitment to this change.”
“This market is made up of many great people who exhibit exemplary values and behaviours and they will be as appalled as we are at the possibility of the market being tarnished by alleged poor behaviours from a small minority of leaders, who were previously at the top of Lloyd’s.
“Huge cultural and structural changes have happened since the 2019 Bloomberg report into insurance market culture. Today’s events make it clear that we must reaffirm our market wide commitment to cultural change at every level in order to protect our market’s reputation. We have come so far on this journey – let’s not allow the actions of the few to deter the will of the many.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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