Lloyd's Picks New Chairman
John Nelson, chairman of the London-based real estate firm Hammerson plc, will replace Lord Peter Levene when the latter retires in October 2011.
Lloyd's, the iconic UK insurance market, announced April 18 its new chairman: John Nelson, who is and will remain chairman of Hammerson plc, a firm based in London that owns, manages, and develops major commercial real estate projects in the United Kingdom and France. Nelson will become chairman of Lloyd's in October 2011.
He will replace the current chairman, Lord Peter Levene, who was elected chairman in November 2002 after serving as Lord Mayor of London in 1998-99. "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 said. He said the recent earthquakes in Japan and New Zealand and floods in Australia highlighted the "vital" role insurance plays in helping communities and businesses rebuild after a disaster.
Levene described Nelson as an "experienced businessman with a successful record" and called him an "excellent choice."
Lloyd's Chief Executive Richard Ward said he was "delighted" to welcome Nelson to Lloyd's. "Lloyd's is in strong financial shape and can face the future with confidence," Ward added. "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."
During his career, Nelson has worked for Kleinwort Benson (a private bank and wealth management firm), financial advisor/asset manager Lazard, Credit Suisse First Boston Europe, and Kingfisher plc, an international home improvement retailer. He joined Hammerson in 2004 and became its chairman one year later.