Lord Levene named next chairman

After months of speculation, the former Lord Mayor of London, Lord Levene, has been named the next chairman of Lloyd's, according to market sources.

Levene, who is vice-chairman of Deutsche Bank and chairman of International Financial Services London (IFSL), is believed to have been selected from a list of four candidates identified by headhunter Russell Reynolds.

The candidates were interviewed by a panel at Lloyd's which included the present chairman Sax Riley, Lloyd's chief executive Nick Prettejohn and the chairman of the nominations, appointments and compensation committee Alastair Ross Goobey.

CGNU's former chairman Bob Scott and ex-Gartmore chief Paul Myners were originally on the list, but both withdrew their names early on in the race.

The search to replace Riley began last year, but was put on hold in April following the creation of a strategy group to modernise the market. At the time, Lloyd's said Riley would stay on until the end of 2002 to implement its recommendations.

Sources said that Lloyd's was always looking for a high-profile figure with experience preferably outside the insurance industry. Lord Levene of Portsoken is associated primarily with banking, but has held government roles and was Lord Mayor of London in 1998.

Simon Hearn, a partner at Russell Reynolds, was unable to comment when Insurance Times contacted the firm.