John Neal won’t even get to start at AIG—his tenure ended before it ever began.
John Neal, former CEO of Lloyd’s of London and AIG, won’t be joining the company after all, following a "mutual agreement" due to "personal circumstances," according to a filing with the U.S. Securities and Exchange Commission.
John Neal
Neal was poised to lead AIG as president and head of its General Insurance unit starting Dec. 1, just months after his hiring was announced in July.
AIG announced that CEO Peter Zaffino will work closely with the board to redefine the company’s organizational structure moving forward.
For the second time this year, Neal has been appointed to a role he never occupied. Earlier in 2025, he was named global CEO of Reinsurance and chairman of Climate Solutions at broker Aon—yet he moved to accept the AIG job before ever stepping into his position at Aon.
Neal led Lloyd’s of London as CEO from October 2018, and only five months ago, he marked his last day with a post on LinkedIn.
This development marks the latest change in AIG’s General Insurance unit, which spans North America and international commercial insurance, along with the company’s global personal insurance business.
In the latest leadership moves, AIG revealed that Don Bailey, head of North America commercial insurance, is retiring at year’s end to prioritize his health. Allison Cooper and Barbara Luck will jointly lead the North America retail commercial business, with Lou Levinson now at the helm of the wholesale division.
Neal was slated to oversee the new North America commercial leaders, as well as Jon Hancock, CEO of international commercial insurance and AIG’s global personal insurance business. Previously, the General Insurance unit was led by David McElroy, who retired on May 1, 2024, following police questioning over an alleged sexual assault at a Vermont client conference. McElroy was charged late last year, arraigned earlier this year, and has pleaded not guilty.
Last month, AIG struck a deal with Everest Group, bringing the renewal rights of Everest’s retail commercial insurance business into its General Insurance portfolio.
Jon Hancock
Update: Sources say Jon Hancock will take over as AIG’s CEO of General Insurance, effective Dec. 1. Cooper, Luck, and Levinson will report to Hancock, along with Chris Flatt, global chief underwriting officer, and Julie Chambers, global chief claims officer.
After a series of executive moves in October 2023, Hancock became CEO of international insurance. At the start of 2025, he stepped into an expanded role as EVP and CEO of international commercial insurance and AIG’s global personal insurance business.
Hancock will continue to oversee these operations.
