(Bloomberg) --John Neal, chief executive officer of Lloyd's of London, is set to leave the historic insurance market place for a new role overseeing Aon Plc's climate solutions and reinsurance businesses.
Neal, 60, once the youngest active underwriter at Lloyd's, will become global chairman of climate solutions and global CEO of Reinsurance for Aon once he has served his notice period, according to a statement Wednesday. In his new role, he will lead Aon's efforts to "address the growing and complex risks associated with climate change," it said in the statement.
Neal has run Lloyd's, the 340-year-old insurance market place in the City of London, since October 2018 and through a period of significant upheaval. He will report to Aon's CEO of Risk Capital Andy Marcell, reflecting the insurer's distinctive approach that brings the unit together with its reinsurance arm in an effort to better tackle complex issues like climate change.
The move comes as insurers are grappling with an increasing volume and intensity of extreme weather events caused by a warming climate that risk making some previously highly populated areas financially inviable to insure.
During his tenure at Lloyd's, Neal has pursued digitalization and cultural reform, and his efforts "helped restore confidence in the Lloyd's marketplace leading to record underwriting results," Sheila Cameron, CEO of Lloyd's Market Association said in a separate statement.
Neal has a 12-month notice period and the exact date of departure has yet to be determined but will likely take place later this year, a person with knowledge of the matter said, asking not to be identified because the discussions on the timing are private.
