Lloyd’s Selects Lord Levene as New Chairman

June 13, 2002

For the first time in over 300 years Lloyd’s of London will be headed by a Chairman from outside the London Insurance Market, as the Council of Lloyd’s announced the selection of Lord Peter Levene of Portsoken, currently Vice-Chairman of Deutsche Bank, London to succeed Sax Riley.

Riley will retire at the end of the year, and he indicated that Lord Levene would be an ideal replacement.”During my term, I set myself the task of getting agreement on a plan to modernize Lloyd’s. I will drive forward those proposals and put them to the membership this year. Peter Levene has set himself the challenge of implementing the proposals once agreed — and I have absolute confidence is his ability to do so,” Riley stated.

The 60 year-old Levene has broad experience. A London native, he’s held posts in both private industry and government, notably as Chief of Defense Procurement from 1985 to 1991, and as the Prime Minister’s Adviser on Efficiency and Effectiveness from 1992 to 1997.

He served as Chairman and CEO of the Canary Wharf redevelopment project, and most recently as Chairman of Bankers Trust International until its purchase by Deutsche Bank, when he assumed his current position.

Dr. Josef Ackermann, spokesman of the Board of Managing Directors of Deutsche Bank commented, “While we are very sorry to lose Peter Levene, we are delighted that the Council of Lloyd’s has selected one of our colleagues at Deutsche Bank to lead such a world renowned institution. We know that they have made a very wise choice, and that Peter will carry out the role with great distinction.”

Lloyd’s announcement confirmed that Levene “has already committed himself to the modernization of the Lloyd’s market” which is well under way. “I am honoured 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,” stated Levene.

“This is a fascinating time to be joining the team at Lloyd’s. Sax Riley, Nick Prettejohn and their team have set the market firmly on the course towards reform and wholesale modernization. My task, working alongside Nick, is to complete the work they’ve begun. Lloyd’s has already succeeded in making a series of major improvements to its operation since the mid-1990s. The goal of a modern, transparent and profitable business for the 21st century is well within our grasp. This modernization will be my top priority as chairman,” he continued.

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