UK financial services executive John Nelson will join Lloyd’s in October as its new chairman, bringing to an end the long reign of Lord Levene.

Lord Levene is retiring from the position after nine years – the longest period served as chairman in more than 125 years.

Mr Nelson, 63, has an extensive background in financial services, real estate and retail, and is currently the chairman of leading European real estate company Hammerson and deputy chairman of global retailer Kingfisher.

Lord Levene says Mr Nelson is an excellent choice as his replacement, having a strong and successful business record.