Lord Levene Takes Over as Lloyd’s Chairman

November 6, 2002

Lord Peter Levene of Portsoken was unanimously confirmed today by the Council of Lloyds as the 61st Chairman of Lloyd’s, and the first one from outside the London market in its 314 year history.

He was selected last June to replace Sax Riley, who’s retiring after two years on the job, and will serve for a minimum of three years.

Speaking about his new role, Lord Levene issued the following statement:
“It’s a proud moment for me to be taking up the reins of this world famous insurance market. Its global reputation is strong, its brand is envied everywhere. Today, the financial services industry is experiencing difficult times, while Lloyd’s is benefiting from the strongest trading conditions in almost four decades. One of my tasks is to sell the Lloyd’s message around the world.”

“I shall be working very closely with our Chief Executive Nick Prettejohn, and the senior team as we drive forward the implementation of our reform programme and complete the transformation of Lloyd’s.”

“My predecessor Sax Riley and the members of the Chairman’s Strategy Group have done an outstanding job in producing a set of reforms which the market has now voted to carry forward. It’s a fitting tribute to Sax that such far-reaching proposals have been adopted which give us a clear sense of purpose. 2003 will be a year of transition for Lloyd’s with the introduction of the new franchise concept and changes to our accounting system.”

“By 2004, I expect to see a stronger, more disciplined Lloyd’s which can be compared favourably with the insurance industry worldwide in terms of its transparency and its efficiency. Beyond that, the goal is profitability that is sustainable in the long term. It’s a goal I’m committed to achieve.”

In September Lloyd’s members approved a far reaching plan to transform the way the venerable market does business, adopting a franchise system to replace the current yearly reformation of syndicates, implementing annual accounting to replace the three year method currently employed, and agreeing to limit the number of individual “Names” to those currently participating in the Lloyd’s market.

Levene’s experience includes his role the head of London’s Docklands Light Railway and the city’s Canary Wharf property development project, Chairman of the defense contractor United Scientific Holdings, as well as a term as Lord Mayor of the City of London. He’s presently the vice-chairman of Deutsche Bank AG London.

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