NU Online News Service, April 18, 11:35 a.m. EDT
John Nelson is to be appointed the next chairman of Lloyd's, replacing Lord Peter Levene in October, the Council of Lloyd's announces today.
Lord Levene will retire after nine years as Lloyd's chairman, the market says.
Nelson will receive a salary of £525,000 ($854,578) annually for three years, on the basis of working an average of three days per week.
"It is a great honor for me to accept this role, and I look forward to playing my part in steering the world's leading insurance market through the next stage of its evolution," Nelson says.
"Recent events in Japan, New Zealand and Australia remind us of the vital role Lloyd's and other insurers play in helping communities and businesses rebuild after disaster. Lloyd's is in robust shape both to meet these challenges and to develop its role as the foremost provider of specialist insurance to the world's most prominent companies," he adds.
Nelson is new to the insurance industry. His business career has principally spanned the financial services, real estate and retail sectors, Lloyd's says.
After qualifying as a chartered accountant in 1970, Nelson began a career in banking, when he joined Kleinwort Benson in 1971. He spent 15 years at the bank, working in both the U.K. and the U.S., before moving to Lazard in 1986 where for 13 years he ran the corporate finance division, becoming vice-chairman in 1990.
Nelson became chairman of Credit Suisse First Boston Europe in 1999, retiring in 2002. He then took up a number of board and advisory positions, including becoming deputy chairman of Kingfisher plc—the largest home improvement retailer in Europe, headquartered in London. He will be retiring from the board of Kingfisher later this year, Lloyd's says.
In 2004 he joined Hammerson plc—a leading European real estate company operating principally in the retail sector—and became chairman in 2005, a position he will continue to hold, Lloyd's says.
He remains an advisor to Charterhouse Capital Partners LLP and also is a trustee of the National Gallery, according to Lloyd's.
The formalities, including Nelson's appointment as a nominated member of council, will be completed at the September council meeting, Lloyd's says.
Lord Levene calls Nelson "an experienced businessman with a successful record. He is an excellent choice."
"John's business experience makes him the perfect candidate to take on this role and help Lloyd's build on its position as the preeminent market for specialist insurance," adds Lloyd's CEO Richard Ward.
Lord Levene also came to Lloyd's from outside the insurance industry. He started his career in the defence industry with United Scientific Holdings. He was selected to act as personal advisor in the Ministry of Defence, and subsequently as permanent secretary in the role of chief of defence procurement, a position which he held for six years.
After that, he 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 as 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.
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