Lord Levene To Remain At Lloyds

Lord Levene To Remain At Lloyds

Chairman plans to serve a second term starting next November

Lord Peter Levene intends to serve a second term as chairman of Lloyds of London, the worlds oldest insurance market has announced.

Lord Levene became Lloyds 61st chairman for a minimum term of three years in November 2002. He has accepted an invitation from the Council of Lloyds to serve for a second three-year term beginning in November 2005.

The appointment is subject to Lord Levene being re-elected to the Council in November 2005, when his current three-year term on the Council expires. In addition, under the Lloyds Act, the Council is required to annually elect a chairman.

“The Lloyds market has undergone a major transformation in recent years, but we are under no illusionmore needs to be done to cement that progress. I was, therefore, delighted that the Council of Lloyds has given me the opportunity to help take that work forward,” Lord Levene said in a statement.

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

“Lloyds 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 honored to be a part of that development and fortunate to work with an outstanding executive team led by Chief Executive Nick Prettejohn,” he said.

Lord Levene, who in his role chairs the Council of Lloyds as well as Lloyds Franchise Board, has made the U.S. market a large focus of his activities, Lloyds noted in its statement. “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,” the market said.

The United States makes up 42 percent of Lloyds global business. Over the last five years, Lloyds business has more than doubled in the U.S. market to $8.4 billion, making it the single largest source of business for Lloyds.

Besides his current position at Lloyds, Lord Levene also holds three non-executive directorshipschairman of General Dynamics U.K., a board member of Haymarket Group Ltd., and chairman of International Financial Services London (formerly British Invisibles). In addition, he is a member of the supervisory board of Deutsche B?rse.

Before joining Lloyds, Lord Levene served as vice chairman of Deutsche Bank. Prior to that, he was chairman of Bankers Trust International and was formerly with both Morgan Stanley and Wasserstein Perella.

Lord Levene started his career in the defense industry at a small company which grew into United Scientific Holdings. Subsequently, he served as a personal advisor in the U.K. Ministry of Defense, and then as permanent secretary in the role of chief defense procurement, a position which he held for six years.

He thereafter held a number of government posts: as advisor to the secretary of state for the environment, to the president of the Board of Trade, and to the chancellor of the Exchequer. He was appointed advisor to the Prime Minister on efficiency and effectiveness from 1992 to 1997. During this period, he also served as chairman of the Docklands Light Railway, and then chairman and chief executive of Canary Wharf, Ltd.

He also served as Lord Mayor of London for the year 1998-99. He received a knighthood in 1989 and became a life Peer in July 1997.

Reproduced from National Underwriter Edition, December 16, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.