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Lloyd’s of London said former CEO John Neal failed to disclose a close personal relationship with a subordinate he promoted — conduct the insurance giant said damaged its interests and fell far below the standards expected of its top executive.
The centuries-old marketplace said its investigation found Neal’s relationship with former chief corporate affairs officer Rebekah Clement — that was her real job title — was “sufficiently close during their employment at Lloyd’s that it could be viewed as creating a perceived conflict of interest.”
But the probe found “no conclusive evidence” that Neal and Clement had engaged in a romantic relationship while working at Lloyd’s, or that the process used to appoint her was improper, according to the Financial Times.
The findings cap months of scrutiny that blew up Neal’s planned move to insurance giant AIG.
The Wall Street Journal previously reported that Lloyd’s was investigating an alleged affair between Neal and Clement, along with employee complaints that she received preferential treatment after Neal promoted her to a newly created post — ironic title and all — reporting directly to him.
Neal, who ran Lloyd’s for more than six years, was just two weeks away from starting as president of Manhattan-based AIG when the insurer abruptly announced in November that he would no longer join the company.
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Lloyd’s said neither Neal nor Clement disclosed the close relationship, depriving the company of the chance to address the perceived conflict.
Following the probe, Lloyd’s said Neal’s conduct had been “detrimental” to its interests and “fell significantly below the standards of judgment, transparency and accountability expected of a Lloyd’s chief executive.”
The investigation reportedly involved nearly 40 interviews and found Neal failed to respond adequately when colleagues raised concerns about the relationship, according to Reuters and other reports published Wednesday.
Investigators also examined Lloyd’s handling of whistleblower reports submitted in November 2023 and found failings in the way those concerns were addressed.
The company has informed Britain’s Financial Conduct Authority of the findings and tightened its internal governance rules, including adding a duty of candor for its chief executive, Reuters reported.
Clement’s lawyer ripped the investigation and said she was considering legal action against Lloyd’s.
“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,’” the lawyer said.
Her attorney said Lloyd’s found no evidence of an inappropriate relationship with Neal or any failure in her promotion, but still ruled against her based on “perception” fueled by “rumor, gossip and innuendo.”
Neal also rejected the adverse findings while welcoming the investigation’s conclusion that it had not established an inappropriate relationship.
“I am pleased, but not at all surprised, that the investigation found there was no inappropriate relationship,” Neal said in a statement.
“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. 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.”
Asked by the Financial Times whether he had had a romantic relationship with Clement, Neal declined to answer.
“I think Lloyd’s are using language that justifies a long and expensive investigation,” he told the newspaper.
Clement was elevated in 2023 to a newly created role overseeing corporate affairs, government policy and media relations, and she reported directly to Neal.
She also sat on Lloyd’s executive committee and previously worked for the prime minister of New Zealand.
Employees complained to Lloyd’s governing council about what they viewed as favorable treatment of Clement, according to the Journal, which reported that concerns were also raised about Neal’s daughter working in the company’s communications operation.
Lloyd’s was been abuzz about the closeness between Neal and Clement, who frequently traveled together, people familiar with the company told the Journal.
Clement left Lloyd’s in May 2025, and her position was not filled by Neal’s successor.
The Post has sought comment from AIG.
