Lloyd's, a global insurance market, has appointed John Nelson as new chairman, succeeding Lord Levene of Portsoken. Nelson will take up of the office in October 2011.

Nelson has a long career in the financial services, real estate and retail sectors. He spent 15 years at Kleinwort Benson, working in both the UK and the US, before moving to Lazard in 1986 where for 13 years he ran the corporate finance division – becoming vice-chairman in 1990.

Nelson retired as chairman of Credit Suisse First Boston Europe in 2002 after three years and took various board and advisory positions including deputy chairman of Kingfisher. He is due to retire from this role later in 2011. He joined Hammerson in 2004 and became chairman in 2005, a position he will continue to hold.

Lloyd’s chief executive Richard Ward said Lloyd’s is in strong financial shape and can face the future with confidence. 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.