Lloyd’s of London has concluded that its former chief executive, John Neal, breached compliance rules by failing to disclose a close personal relationship with a colleague who was promoted during his leadership. The insurance market said this relationship was “sufficiently strong” to create a perceived conflict of interest, although its investigation found no definitive evidence of a romantic relationship between Neal and Rebekah Clement, the former chief corporate affairs officer, during their time at Lloyd’s.

The inquiry determined that Neal’s conduct was “detrimental” to Lloyd’s interests and fell “significantly below the standards of judgment, transparency and accountability expected of a Lloyd’s chief executive.” However, the market found no indication that Clement’s appointment was handled improperly. Both Neal and Clement did not disclose the nature of their relationship, which prompted Lloyd’s to open the investigation.

In response, Clement’s legal representative expressed disappointment with Lloyd’s handling of the probe, citing the lengthy process and its impact on her reputation. The lawyer said Clement was considering legal action, emphasizing that the investigation revealed no evidence of an inappropriate relationship or any irregularity in her promotion. The complaints against her, they said, were based on “rumour, gossip and innuendo,” with the market’s decision hinging on “perception.”

Neal acknowledged the finding that no inappropriate relationship took place but rejected the broader conclusions of the investigation. He expressed frustration over the amount of time and resources devoted to what he described as a question “never in doubt.” Neal declined to directly address whether he had a romantic relationship with Clement, instead criticizing Lloyd’s language as justifying an “expensive investigation.” He also welcomed the resolution, noting that all parties could now move forward.

Lloyd’s, a historic insurance market where insurers and brokers transact risk coverage, has faced criticism over its workplace culture in recent years. Allegations of widespread sexual harassment and heavy drinking have raised concerns about the environment within the market.

Neal stepped down from Lloyd’s in May 2025 and subsequently announced his intention to join AIG as president. He was widely viewed as a leading candidate to become AIG’s next chief executive. However, two weeks before his expected start date, AIG announced Neal would no longer be joining the company due to “personal circumstances.” Prior to his tenure at Lloyd’s, Neal served as chief executive of QBE, where he faced consequences for failing to promptly disclose a relationship with his executive assistant, resulting in a reduced bonus.

AIG declined to comment on the circumstances surrounding Neal’s withdrawal.