Nelson takes the chair at Lloyd's

Property and retail executive John Nelson has been unveiled as the new chairman of Lloyd's of London, the world's largest insurance market.

He will take over from current chairman Lord Levene, who is retiring in October after nine years in the top job. Nelson is the current chairman of property group Hammerson and deputy chairman of home improvement retailer Kingfisher, owner of the B&Q chain.

Lloyd's is a society of corporate underwriters and wealthy individuals that make insurance transactions.