Lloyd’s weighs disclosure on former chief John Neal inquiry 

Senior figures at Lloyd’s of London are discussing how much detail to publish from an internal investigation into governance issues connected to its former chief executive and a woman elevated to a senior post while he was in charge, reported the Financial Times (FT).  

According to sources, the review examined whether John Neal was in an undeclared romantic relationship with a female employee who joined the organisation’s executive committee in 2023 through a newly established position of corporate affairs director. 

The Freshfields-led inquiry also looked at wider governance questions tied to Neal’s period leading the insurance market.  

Neal oversaw Lloyd’s from 2018 until May 2025. 

The process has been led by Kathleen Healy, an employment lawyer at Freshfields, who has carried out interviews, which have recently finished.  

In November, Lloyd’s said it had opened the investigation after a review “identified that our internal processes had not been fully adhered to in respect of a prior matter”. 

Lloyd’s has not confirmed that Neal’s conduct is the subject of the inquiry, but it is facing calls to disclose the outcome. 

Charles Roxburgh, Lloyd’s chair since May 2025, was hesitant about making extensive disclosures, the report said.  

“Charles is more averse. They have been war-gaming what would happen if John sues, but it would be hard not to release anything,” the person said. 

Separately from the Freshfields investigation, Roxburgh has also repeatedly told the market’s oversight bodies that confidentiality across Lloyd’s needs to improve and should be treated as a priority, according to insurance industry executives. 

The final decision on how much of Freshfields’ findings are released will rest with Roxburgh. 

After leaving Lloyd’s, Neal had been due to become the next president of AIG. The US insurer cancelled that appointment in November, citing “personal circumstances”, only days before Lloyd’s began its investigation. 

Lloyd’s said: “The investigation is ongoing and Lloyd’s is taking a careful and considered approach. We will determine what information it is appropriate to make public once the process is complete, with the aim of being as transparent as possible while also being mindful of our clear duty of care to all those involved.”