Lloyd’s of London Picks New Chairman

Lloyd’s of London will have a new chairman on New Year’s Day, when Walter Nicholas Murray Lawrence, or Murray to close acquaintances, will succeed Peter Miller as head of London’s insurance market. Though Miller, who had served since 1984, had decided earlier this year not to stand for reelection, he will continue to serve on Lloyd’s Council for the next year.

Lawrence, 52, is senior partner with Lloyd’s fourth-largest underwriting agency, Murray Lawrence & Partners, according to Chicago-based Business Insurance, which covers the insurance industry worldwide.

The council named David Coleridge, chairman of Lloyd’s largest underwriter, Sturge Holdings PLC, as senior deputy chairman. Alan Parry of Johnson & Higgins Ltd. was reappointed junior deputy chairman.

Under Miller’s chairmanship, and under prodding by the British Parliament after a series of underwriting scandals which had their roots in practices that preceded his election, Lloyd’s undertook a program to improve its system of self-regulation. In doing so, he won praise within the insurance industry for staving off direct governmental intervention. Lloyd’s membership also increased 35%in the past three years, and its capacity to write insurance has doubled to the equivalent of $18 billion, Business Insurance reported from London.

Lawrence, who has been affiliated with Lloyd’s for 30 years, became the leading candidate to succeed Miller soon after rumors circulated about Miller’s intention to step down. He has more than one tie to the United States: Not only is he the son of an American mother, his agency once was owned by New York-based Marsh & McLennan Cos.