Lloyd's selects John Nelson as new chairman

The unveiling of Hammerson chairman John Nelson as the new Lloyd’s chairman ended months of speculation. Rumours hit fever pitch late last week when Nelson was named as the front-runner for the coveted position.

Nelson will take over the chair in October from Lord Levene, who is the longest-serving chairman at Lloyd's for 125 years, after nine years in the role.

Lord Levene served as chairman through some of the insurance market's most pivotal moments, including the devastation of Hurricane Katrina, the Chilean earthquake, record profitability and electronic reform, and has overseen the London market’s international expansion.

Plans to continue tax and regulatory work

As Lloyd’s chairman, Lord Levene has not been afraid of tackling the big issues, and it seems Nelson will happily fill Levene’s shoes. In a Telegraph interview this week, Nelson has vowed to continue Levene's work of making representations to the UK government on tax and regulatory matters.

Cooper, Gay, Swett & Crawford chief executive Toby Esser is confident in Nelson’s ability to lead the world’s largest insurance market. “I don't think Lloyd’s needs an insurance expert as chair, but rather a proven leader. Levene did a great job and will be a hard act to follow.”

But despite loud calls from Catlin’s chief Stephen Catlin for a chairman with “industry coalface experience”, very little is known in the market about the former investment banker.

After qualifying as a chartered accountant in 1970, Nelson began his long banking career when he joined Kleinwort Benson in 1971.

He spent 15 years at the bank, working in both the UK and the USA, before moving to Lazard in 1986, where for 13 years he ran the corporate finance division, becoming vice-chairman in 1990.

A wealth of experience

Nelson appears suited for the position of Lloyd’s chairman, having held a number of previous board and advisory positions including chairman of Credit Suisse First Boston Europe and deputy chairman of Kingfisher, which owns DIY retail giant B&Q.

Nelson joined retail and office development firm Hammerson in 2004 and became chairman of the company in 2005.

As a former board member of the English National Opera and current trustee of the National Gallery, the married father-of-three is also an arts aficionado.