Lloyd’s of London Names New Chairman

Lloyd’s of London, the world’s largest insurance market, has appointed property and retail executive John Nelson as its new chairman.

Lloyd’s said Monday that Nelson will take over from current chairman Peter Levene in October.

Levene is retiring after nine years in the top job – making him the longest serving chairman at the insurance market for 125 years.

Nelson is the current chairman of property group Hammerson and deputy chairman of home improvement retailer Kingfisher.

Lloyd’s is a society of corporate underwriters and wealthy individuals that make insurance transactions through 44 managing agents and 62 syndicates.