Lord Levene has been confirmed as the new Chairman of Lloyd's.
He takes over from out-going Chairman Sax Riley, who is retiring after two years in office.
The Council of Lloyd's elected him unopposed to the position earlier this morning.
Lord Levene said: "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."
Looking to the future he added: "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."
