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 company due to “personal circumstances,” according to a brief filing with the U.S. Securities and Exchange Commission.
Neal was slated to start as president of AIG and leader of its General Insurance businesses on Dec. 1. AIG announced Neal’s hire in July.
AIG said CEO Peter Zaffino will work with the board on the company’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 global CEO of Reinsurance and chairman of Climate Solutions at broker Aon. He took the job at AIG before starting at Aon.
Neal served as CEO of Lloyd’s of London since October 2018. Five months ago, Neal on LinkedIn posted about his last day.
The news is the latest within the hierarchy of AIG’s General Insurance 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 commercial 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-presidents 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 international commercial insurance and AIG’s global personal insurance business, were to report to Neal as leader of 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 police about an alleged sexual assault in Vermont at a client conference. 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, with an agreement to add the renewal rights of Everest’s retail commercial insurance business to the General Insurance portfolio.
UPDATE: Sources said Jon Hancock will become AIG’s CEO of General Insurance, effective Dec. 1. Cooper, Luck and Levinson will report 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 international commercial insurance and global personal insurance.
Those businesses will continue to report to Hancock.
Topics Excess Surplus Lloyd's AIG
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