Lloyd’s Chairman Levene to Retire; Nelson Named to Replace Him

The Council of Lloyd’s has announced that John Nelson is to be appointed as the next Chairman. He will take up the position in October of this year, succeeding current Chairman Lord Peter Levene, who has served in the post for nine years, the longest tenure at Lloyd’s in 125 years. 

Like Levene, Nelson is not an insurance insider, but a successful business executive. He has a breadth of experience in financial services, real estate and the retail sectors. He is currently Chairman of Hammerson and Deputy Chairman of Kingfisher.

Levene welcomed Nelson as his successor. “I am very pleased that the Council of Lloyd’s has chosen John who is an experienced businessman with a successful record he stated. “He is an excellent choice.”

Nelson said he was greatly honored by the selection, and that he looks “forward to playing my part in steering the world’s leading insurance market through the next stage of its evolution.

“Recent events in Japan, New Zealand and Australia remind us of the vital role Lloyd’s and other insurers play in helping communities and businesses rebuild after disaster,” he continued. “Lloyd’s is in robust shape both to meet these challenges and to develop its role as the foremost provider of specialist insurance to the world’s most prominent companies.” 

Lloyd’s Chief Executive Dr. Richard Ward added: “I’m delighted that John will be joining us as Chairman. Lloyd’s is in strong financial shape and can face the future with confidence. John’s business experience makes him the perfect candidate to take on this role and help Lloyd’s build on its position as the preeminent market for specialist insurance.”

Nelson began his career as a chartered accountant [CPA] when he joined investment bankers Kleinwort Benson in 1971. He spent 15 years at the bank, working in both the UK and the US, before moving to Lazard in 1986 where for 13 years he ran the corporate finance division, becoming Vice-Chairman in 1990.

He became Chairman of Credit Suisse First Boston Europe in 1999, retiring in 2002. He then took up a number of board and advisory positions including becoming Deputy Chairman of Kingfisher plc. He will be retiring from the board of Kingfisher later in the year.

He has also been a Non-Executive Director of BT [British Telecom], Woolwich plc, JP Morgan Cazenove and Cazenove Group. He joined Hammerson plc in 2004 and became Chairman in 2005, a position he will continue to hold. He remains an advisor to Charterhouse Capital Partners LLP and is also a Trustee of the National Gallery.

Source: Lloyd’s