John Neal’s tenure at American International Group (AIG) is over before it began.
The former CEO of Lloyd’s of London and AIG reached a “mutual agreement” that he would not join the compa
ny due to “personal circumstances,” according to a brief filing with the U.S. Securities and Exchange Commission.
John Neal
Neal was slated to start as president of AIG and leader of its Genera
l Insurance businesses on Dec. 1. AIG announced Neal’s hire in July.
AIG said CEO Peter Zaffino will work with the board on the comp
any’s future organizational structure.
This is the second time this year Neal was hired to a position he never occupied. Early in 2025, he was appointed glo
bal CEO of Reinsurance and chairman of Climate Solutions at broker Aon. He t
ook the job at AIG before starting at Aon.
Neal served as CEO of Lloyd’s of London since October 2018. Fiv
e months ago, Neal on LinkedIn posted about his last day.
See more beautiful photo albums Here >>>
The news is the latest within the hierarchy of AIG’s General Insur
ance unit, which includes the North America and international commercial
insurance businesses and AIG’s global personal insurance book.
Most recently, the company announced that Don Bailey, head of com
mercial insurance in North America, is retiring at the end of the year to
focus on his health. Allison Cooper and Barbara Luck will be co-presi
dents of AIG’s retail commercial business in North America. Lou Levinson is now president of wholesale for North America Commercial.
Each of the new leaders of North America commercial, as well as Jon Hancock, CEO of internati
onal commercial insurance and AIG’s global personal insurance business, were to report to Neal as leader o
f General Insurance. The unit was once led by David McElroy as chairman of the group. AIG announced McElroy
was retiring on May 1, 2024, shortly after he was questioned by poli
ce about an alleged sexual assault in Vermont at a client conferenc
e. McElroy was charged late last year with sexual assault. He was arraigned early this year and pleaded not guilty.
Meanwhile, AIG last month struck a deal with Everest Group, wit
h an agreement to add the renewal rights of Everest’s retail commercial insurance business to the General Insurance portfolio.
Jon Hancock
UPDATE: Sources said Jon Hancock will become AIG’s CEO of Ge
neral Insurance, effective Jan. 1. Cooper, Luck and Levinson will repo
rt to Hancock, as will Chris Flatt, global chief underwriting officer, and Julie Chambers, global chief claims officer.
Hancock had been CEO of international insurance following a series of executive appointments in October 2023. Then at the start of 2025, Hancock was made EVP, CEO of i
nternational commercial insurance and global personal insurance.