Lord Levene of Portsoken was confirmed yesterday as the new Chairman of Lloyd’s, ensuring the reform drive of his predecessor, Sax Riley, will continue. Mr Riley had been chairman for two years.

Lord Levene, the 61^st chairman of the market, will hold the position for three years, and started off his confirmation by the Council of Lloyd’s by asserting that next year will be “a year of transition”.

“By 2004 I expect to see a stronger, more disciplined Lloyd’s which can be compared favourably with the insurance industry worldwide in terms of its transparency and its efficiency,” he said. “Beyond that the goal is profitability that is sustainable in the long term. It’s a goal I am determined to achieve.”