The man who was named on Monday as Lord Levene’s successor, John Nelson, said to The Daily Telegraph that the challenges faced by London’s position as the leader in global insurance were fiscal, commercial and regulatory.

He said, “Were regulation to be ramped up much more that would be a threat. The current UK tax system – both corporate and personal – makes it very difficult to attract international talent. I will be making representations to the UK Government on these matters, as Peter Levene has been doing already”.

He also said that in order for insurance companies to be able to make up for high catastrophe claims and low returns on investment, that they should be able to raise premiums on insurance policies.

In his new position, Mr. Nelson will have an average workload of three days each week, and will receive £525,000 per year for his work when he starts in October. He said that he would resign from his position as the Deputy Chairman of Kingfisher, but that he would remain the Chairman of Hammerson, the building company, saying he would have plenty to do with both of his chairmanships.


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