Former boss of the Australian insurance group named as Lloyd & # 39; s of London & # 39; s chief executive

Returning to the fold: John Neal is a former Lloyd & # 39; s underwriter and was previously based in London

Former boss of the Australian insurance group named as Lloyd & # 39; s of London & # 39; s chief executive

City & Finance Reporter for the Daily Mail

The former boss of an Australian insurance group is named as Lloyd & # 39; s of London & # 39; s chief executive.

John Neal takes over at the 332-year-old city institute in just over a month, when Inga Beale, the first female head, steps down.

The 54-year-old Briton is a former Lloyd & # 39; s underwriter and was previously based in London when he executed operations for the Sydney-based company insurance company QBE.

Returning to the fold: John Neal is a former Lloyd & # 39; s underwriter and was previously based in London

Returning to the fold: John Neal is a former Lloyd & # 39; s underwriter and was previously based in London

His appointment at Lloyd & # 39; s was confirmed at a meeting on Thursday after it was supported by the company's wages committee.

He left QBE last year after five years as chief executive. The board of the company had cut its salary by a fifth on a ratio that he had with his personal assistant. He had not immediately disclosed the relationship, which according to the company could lead to conflicts of interest.

It followed the divorce of Neal from his wife in 2016. His personal assistant, who had worked for him for ten years, left QBE after her relationship with Neal arose.

The board of the company has reduced its planned £ 1.7 million bonus by about £ 340,000 at that time.

The departure of Beale from the age-old insurance market stems from the concern that the company is losing ground to rival centers such as Singapore.

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