The next chairman of the Lloyd’s of London insurance market was named as Lord Levene of Portsoken. He is presently vice chairman of Deutsche Bank London. Lord Levene will be the first chairman of Lloyd’s in its 314-year history to be selected from outside the London-based insurance market. He will succeed Sax Riley, who is retiring at the end of the year after two years in office. Lord Levene’s first act as chairman was to commit himself to carry forward work to modernize the Lloyd’s market begun by Riley. Speaking following his appointment by the Council of Lloyd’s, he remarked, “I am honored and delighted to have been nominated as the next chairman of Lloyd’s. This is a world famous insurance market, and is a major element of the UK’s international trade in financial services. Events like Sept. 11 serve to remind us just how vital a role Lloyd’s plays in the United States, Europe and most other developed economies.” Lord Levene has been nominated by the Council of Lloyd’s to take up the chairmanship of the newly created Lloyd’s Franchise Board once it is established in the autumn and will become the 61st chairman of Lloyd’s when he officially takes up his position at the end of the year. Lord Levene held the office of Lord Mayor of the City of London 1998-99.
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