Lord Levene to remain Lloyd’s chair through 2008

Lord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his first term.
Levene has been part of the transition of Lloyd’s following the September 11, 2001 terrorist attacks, including its reform into a franchise-based system. During his tenure he has also seen the market’s capitalization grow significantly, hitting almost 15 billion pounds in 2004. Lloyd’s has also made its first foray into the equity markets with a 500 million pound issue of subordinated debt. It also recently gained the ability to trade in new European Union countries, and went online with the trading platform Kinnect.
During his term, Levene has spoken around the world on such issues as the need for tort reform, and reduction in cyclical volatility in the insurance market and improving the insurance industry’s public image.
Most importantly, Lloyd’s has seen a return to profitability as an overall market, recording profit of US$3.4 billion in 2003 as it moved to an annual accounting scheme.
“The Lloyd’s market has undergone a major transformation in recent years, but we are under no illusion that more needs to be done to cement that progress. I was, therefore, delighted that the Council of Lloyd’s has given me the opportunity to help take that work forward,” says Levene. “”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. As I take that message around the world, it is clear that this impressive progress is well understood in both developed and emerging markets.”