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The former boss of Lloyd’s of London covered up a close relationship with one of the company’s top executives, an investigation has found.
Lloyd’s said John Neal, the insurance marketplace’s former chief executive, fell “significantly below the standards expected” after failing to disclose the nature of his relationship with Rebekah Clement, a public relations executive at the insurer.
A review by Lloyd’s of London found Mr Neal’s close relationship with Ms Clement risked creating conflicts of interest. However, he failed to disclose the relationship.
Lloyd’s found that Mr Neal’s colleagues confronted him directly about the relationship. Mr Neal “acknowledged” the concerns and promised to take action, but investigators “found no evidence of material change in Mr Neal’s conduct thereafter”, Lloyd’s said.
The investigation was launched in November 2025 after Sir Charles Roxburgh, the chairman of Lloyd’s, became aware of rumours of an alleged workplace affair between Mr Neal and Ms Clement. Both had left the insurance marketplace by then.
The investigation “found no conclusive evidence” that the pair were in a romantic relationship, or that she was unfairly promoted to the role of corporate affairs director.
However, the investigation determined Mr Neal had a “sufficiently close” relationship with Ms Clement that it could have created conflicts of interest. Both fell short of the standards expected by failing to disclose the relationship, Lloyd’s said.
Sir Charles said: “Trust, integrity and effective oversight are fundamental to Lloyd’s. Based on the findings of this investigation, we have concluded that the conduct of the former chief executive fell significantly below the standards expected of him.”
Ms Clement, a former communications executive for New Zealand’s prime minister, started as a senior manager in Lloyd’s communications department in 2015 before being promoted to the newly created position of corporate affairs director in 2023, reporting directly to Mr Neal.
Mr Neal spent more than a decade at Australian insurer QBE, including as its chief executive, before taking up the position as Lloyd’s of London’s boss in October 2018. He previously lost a $550,000 bonus from QBE after a workplace affair at the insurer in 2017.
Both Mr Neal and Ms Clement declined to answer questions about the nature of their relationship during the investigation, and Mr Neal also declined to provide Lloyd’s with access to his mobile device.
Mr Neal forwent millions’ worth of his bonuses for 2024 and 2025 after leaving the centuries-old insurance market last year for a job at US insurance giant American International Group (AIG).
However, he lost out on the £10m-a-year role after AIG learned he was being investigated by Lloyd’s of London.
After the investigation’s conclusion, Lloyd’s has written to Mr Neal to tell him he would have lost out on bonuses if he were entitled to them after the findings about his conduct.
Their conduct caused Lloyd’s to suffer reputational damage, the investigation found.
Started from a coffee shop in the City of London in 1689, Lloyd’s of London is one of the world’s largest insurance markets, where dozens of individual insurance companies strike more than £50bn worth of deals each year.
Ms Clement’s lawyers, from Irwin Mitchell, said: “Rebekah is hugely disappointed with Lloyd’s conduct over the course of this investigation, the nature and length of which have caused her unnecessary stress and significant reputational damage relative to its ‘findings’.”
Ms Clement is considering taking legal action against the insurer.
Mr Neal told the Financial Times: “I am pleased, but not at all surprised, that the investigation found there was no inappropriate relationship.
“I would have hoped less time and resource had been spent in reaching a conclusion on the central question that was, in truth, never in doubt.”
He added: “I am disappointed with the other findings and do not accept them, but I’m glad that all parties are now able to move on.”
