John Nelson named new Lloyd's chairman

Lloyd's of London has named John Nelson, a long-time City financier and chairman of real estate developer Hammerson, as its incoming chairman to replace Lord Levene.

Nelson, a chartered accountant and corporate financier with Kleinwort Benson and Lazard, was chairman of Credit Suisse First Boston Europe from 1999 to 2002.

He has since moved to non-executive board positions at BT, Woolwich, JP Morgan Cazenove and Cazenove Group.

He is currently deputy chairman of home improvement retailer Kingfisher as well as Hammerson chair, though he will retire from Kingfisher later this year.

Levene, Lloyd’s’ Lloyd’s longest-serving chairman for 125 years, steps down in October after nine years leading the market. He is credited with restoring Lloyd’s to financial stability, expanding it into new markets globally and overseeing its move to new technologies.