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Lloyd's Chairman Levine Says Insurance Did Not Cause Financial Crisis

Lloyd's Chairman Peter Levene said recently that the re-emergence of Lloyd's to a position of strength is his proudest accomplishment during his seven-year tenure. Under...
January 27, 2010

Lloyd's Chairman Peter Levene said recently that the re-emergence of Lloyd's to a position of strength is his proudest accomplishment during his seven-year tenure. Under the leadership of Levene, Lloyd's has expanded and grown. He remains bullish on the way the company has been doing business, noting in an interview with A.M. Best, "I think our mix of business has been pretty successful and if it's not broke, don't fix it."

Levine has been an outspoken opponent of increased regulation in the financial services industry, saying that the call for increased regulation was a knee-jerk reaction to problems in the banking sector, not insurance. "I think one thing people need to be focusing on are who the people are who are creating the regulations and what understanding they have of the industry and can they produce regulations that are not a threat to the industry, but rather help it to thrive." He went on to cite that American International Group Inc.'s financial problems were not a result of its insurance business "so don't throw everyone into the same basket, it's not necessarily the right thing to do."

"This is a hugely diverse sector, much of which had nothing to do with the credit crunch and its excesses," he said last year. "Let us be careful, and measured, in our remedies, so that we do not damage healthy and vibrant sectors, of which insurance is top of the list."