Neal returns to Lloyd’s as the top man

THE former head of one of Australia’s biggest companies is taking the top job at Lloyd’s of London 14 years after leaving the 332-year-old insurance market.

John Neal, who ran insurance giant QBE from 2012 until 2017, beat 14 other external candidates for the chief executive role after current boss Inga Beale shocked the City by resigning in June.

He will replace Ms Beale on Oct 15, meaning she will leave earlier than anticipated. She became the first female chief executive of Lloyd’s in 2014.

Mr Neal started his career at Lloyd’s in 1985 and spent almost two decades

‘It’s quite difficult to do and doesn’t pay as well as other jobs, so you need a passion for the opportunity’

before leaving to set up a car insurance firm which was later sold to QBE.

He became chief executive of QBE, one of the world’s largest insurance firms, in 2012 until late last year after the company issued a profit warning.

His pay was cut by A$550,000 (£302,000) after he failed to notify QBE’S board about an office romance.

Lloyd’s of London chairman Bruce Carnegie-brown, who has never worked with Mr Neal, told The Telegraph he wanted someone from the insurance industry with international, business transformation and chief executive experience, as well as team-building skills and “someone who wanted the job”.

“It’s quite difficult to do and doesn’t pay as well as other jobs, so you need a passion for the opportunity,” he said.

Lloyd’s has lost a number of senior staff in recent months, with Vincent Vandendael, the chief commercial officer, quitting last week and John Parry, the chief financial officer, resigning in May.

Mr Carnegie-brown said: “It’s better that these things don’t happen, but they can also bring opportunities [for others in the business].”

Senior executives at Lloyd’s missed out on a payout linked to its performance plan last year after it swung to a loss for the first time in six years.