Lloyd’s says CEO John Neal is leaving this year to join Aon as global CEO of reinsurance and chairman of climate solutions.

Mr Neal was previously QBE’s group CEO and took the Lloyd’s job in 2018, replacing Inga Beale.

He has led a “reset” in operations and steered the London market to “sustainable growth and record profits”, Lloyd’s says. He also guided the market through challenges including Brexit and the covid pandemic.

Mr Neal’s leaving date is yet to be confirmed, according to the market.

Lloyd’s chairman Bruce Carnegie-Brown said: “He has made a tremendous contribution to Lloyd’s. Today we see excellent performance at Lloyd’s, real strategic intent and execution, and an industry-leading voice that is valued by governments, regulators and customers around the world.

“During 2025, John will continue to support both the planned succession of a new chair of the Council of Lloyd’s and the executive leadership transition.”

Global broker Aon says Mr Neal will support its efforts to address climate change risks and build on the success of its reinsurance team.

“His appointment arrives at a critical time as businesses and communities around the world must tackle increasing volatility driven by climate-related events,” Aon said. He will also “play an important role in delivering reinsurance solutions to meet the evolving demands of today’s dynamic marketplace”.

Mr Neal will be based in London, reporting to CEO of risk capital Andy Marcell, and will be a member of the risk capital leadership team.

“He brings significant and relevant experience that will advance our … plan to accelerate our Aon United strategy, unlock integrated climate solutions and ultimately create key points of difference in how we serve our clients across risk and people issues,” Aon CEO Greg Case said.

Mr Neal says he will be “forever grateful to my colleagues and many others across the Lloyd’s market for the opportunity to put in place a framework that has delivered strong and sustainable financial performance and positions Lloyd’s for future success.

“At Aon, I’m looking forward to supporting colleagues as they look to serve clients’ reinsurance needs and deliver smart insurance solutions that help address some of the world’s most pressing challenges, especially with regard to the climate transition.”