Levene to Serve 2nd Term as Lloyd’s Chairman

Lloyd’s announced that Lord Peter Levene of Portsoken is to serve a second term as its Chairman. He became Lloyd’s 61st Chairman, for a minimum term of three years in November 2002, and has accepted an invitation from the Council of Lloyd’s to serve for a second three-year term beginning in November 2005.

“The Lloyd’s market has undergone a major transformation in recent years, but we are under no illusion, more needs to be done to cement that progress,” Levene observed. “I was, therefore, delighted that the Council of Lloyd’s has given me the opportunity to help take that work forward.

“This has been a year of substantial progress for Lloyd’s including record profitability, upgrades to our financial strength ratings and a highly successful subordinated debt issue,” he continued. “As I take that message around the world, it is clear that this impressive progress is well understood in both developed and emerging markets.

“Lloyd’s is a highly successful insurance market with a global reputation for excellence, and a clear focus now on delivering strong financial performance. I have been honoured to be a part of that development, and fortunate to work with an outstanding executive team led by Chief Executive Nick Prettejohn.”

The bulletin also noted that during Levene’s tenure the U.S. market has taken on increased importance for Lloyd’s. “He has made the U.S. market a large focus of his activities. Taking a stand on issues such as tort reform and bringing corporate risk issues to the board level, Lord Levene has raised awareness of important business risks across the United States,” said the announcement.

The U.S. makes up forty-two percent of Lloyd’s global business. Over the last 5 years Lloyd’s business has more than doubled in the U.S. to $8.4 billion, making it the single largest source of business for Lloyd’s market.

Topics USA Excess Surplus Lloyd's