Lloyd's of London confirmed the story broken by Insurance Times this morning that Lord Levene is to be the next chairman of the 314-year-old insurance market. He is the first chairman from outside the market ever to be selected for the job.
Levene is currently vice-chairman of Deutsche Bank London, which he will leave to succeed Sax Riley who is retiring after two years as chairman of Lloyd's.
Riley commented: "As part of our reform process, we said we wanted to appoint an individual of the highest calibre with experience of business outside the Lloyd's market. Lord Levene fits the bill perfectly. He has a breadth of experience and knowledge of international commerce that will be a tremendous asset for Lloyd's. I've made the point in the past that the Lloyd's market has been too inward looking: Peter Levene's appointment is a key step in helping to remedy that."
"During my chairmanship, I set myself the task of getting agreement on a plan to modernise 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 in his ability to do so."
Levene's first act as chairman was to commit himself to continuing the market's modernisation plans. He said: "Sax Riley, Nick Prettejohn and their colleagues have set the market firmly on the course towards reform and wholesale modernisation. My task, working alongside Nick, is to ensure that we do not fail to complete the voyage.
"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. My priority is to ensure we achieve it."
The appointment is subject to formal Financial Services Authority (FSA) approval.
