Lloyd’s Chairman, Lord Levene, has been honoured as the winner of the Insurance Leader of the Year Award from St. John’s University School of Risk Management. The award, presented annually since 1995, seeks to honour individuals in the industry who have demonstrated outstanding leadership qualities to the benefit of the industry as a whole.
Lord Levene received the award in recognition of his outstanding achievements over his time as Chairman, which has enabled Lloyd’s to expand and grow under his leadership. As the first Chairman to be appointed to Lloyd’s from outside the market, Lord Levene has been able to draw on his wealth of experience and expertise from projects such as the regeneration of Canary Wharf to his position in the Ministry of Defence, and apply this knowledge to development and modernisation projects to Lloyd’s. Additionally, his invaluable lobbying power and networking abilities have helped Lloyd’s expand and grow.
The Chairman was praised for his global perspective, his ambitions to expand and strengthen the business, and his constant adaption to the demand for change in a shifting, unstable economic environment. He was also seen to have responded perceptively to emerging trends in the changing global economy in the pivotal role he played in gaining Lloyd’s license in China, stating: “If China is going to be the biggest economy in the world, we have to be there.” Lord Levene also succeeded in securing the first admitted reinsurer license for Lloyd’s in Brazil.
The Chairman has consistently impressed key figures in the insurance industry by his willingness to speak frankly and honestly to the public about the challenges facing Lloyd’s and the rest of the insurance sector, emphasising with conviction the steps that need to be taken for Lloyd’s to maintain its competitiveness on a global scale.
Lord Levene’s outline of the challenges facing Lloyd’s in his acceptance speech; “First, there is confusion about the intention of regulators on both side of the Atlantic. Second, there is uncertainty about the availability of capital. Third, there are question marks on the performance on investment portfolios”, further serves to underscore his confidence and determination in steering the business towards overcoming these issues.
The unswerving commitment and dedication that Lord Levene has displayed in his determination to ensure that Lloyd’s modernises and adapts sufficiently to meet its aims has been shown in the practical steps taken towards bringing Lloyd’s more in to line with its competitors. The Chairman played a significant role in the Lloyd’s Legislative Reform Order, which brought Lloyd’s more into line with its competitors and modern corporate governance.
The success and re-emergence of Lloyd’s after catastrophes such as Hurricane Katrina and the turmoil of the global financial crisis, has been upheld by many as a message of hope for 2010. In his acceptance speech, Lord Levene expressed belief in Lloyd’s ability to reassure the financial industry. “I believe that our recent history offers hope to those companies and corporations who have started the New Year fearing for their survival. And Lloyd’s story should reassure governments and regulators that root and branch reform can come from within.”
Lord Levene expressed pride and humility in his acceptance of the award, urging the industry to “embrace change, respond to what is happening outside our industry, our borders, even our own comfort zones.” His uplifting portrayal of Lloyd’s as a business that ‘represents renewal’, with the capability and resolve to face the future from a position of strength, acknowledged the success of Lloyd’s past accomplishments whilst reinforcing the necessity for a positive, optimistic approach to the future, with a determined resolution to meet whatever challenges may lie around the corner.
Watch interviews with Lord Levene on Fox and Bloomberg during which he talks about the award and the issues currently facing the insurance industry.
Bloomberg - 20 January 2010 (22MB, wmv)
Fox Business News - 20 January 2010 (33MB, wmv)
Fox Business News - 21 January 2010 (41MB, wmv)
