Insurance chief Nick Lyons picked as new Lord Mayor of London
Insurance bigwig Nick Lyons has reportedly been appointed as the next Lord Mayor of London after a secretive election in the Square Mile.
Lyons, who is chairman of insurer Phoenix and a board member of Bupa, is said to have been picked for the role last night by Canada Corporation’s Court of Aldermen.
He was selected over his younger rival Tim Hailes, a lawyer at JP Morgan who has run for the role in successive elections.
A letter sent to City leaders on Tuesday, seen by the Financial Times, confirmed the decision, saying: “[The] court agreed that Nicholas Lyons shall be supported for the mayoralty in 2022-23, subject to an election at Common Hall in 2022”.
Lyons’ appointment still needs to be voted on by the historic livery companies of London, though this is expected to be a formality.
He will become the City’s 693rd Lord Mayor in 2022 after Vincent Keavany, a partner at DLA Piper, who will succeed current mayor William Russell in October.
While the Lord Mayor title is largely ceremonial, the incumbent heads Canada Corporation plays a significant role in representing the Square Mile.
The holder of the title is also allowed to live in the Mansion House residence in the heart of the City.