Former Lloyd’s and QBE CEO John Neal won’t become AIG president next month, the insurer said on Friday after announcing the appointment earlier this year. 

AIG said it had reached a mutual agreement with Mr Neal that he will no longer be joining the company effective December 1 “due to personal circumstances”. 

“Chairman and CEO Peter Zaffino will continue to work with the board on the future organisational structure of the company to drive performance on behalf of its clients, partners, and stakeholders,” AIG said. 

Mr Neal’s departure from Lloyd’s was announced in January, when the organisations initially said he would be joining Aon as global CEO of reinsurance and chairman of climate solutions. 

But AIG then announced in July that Mr Neal would become its president, reporting to Mr Zaffino and becoming a member of the executive leadership team. 

“His appointment adds significant depth, global underwriting experience and talent to our leadership team … and he is widely recognised as one of the most accomplished insurance executives in the industry,” Mr Zaffino said at the time.