LONDON (Bloomberg) — Lloyd's of London, the biggest insurance market, said members approved a UK government proposal to change its corporate governance rules and enable chairman Peter Levene to serve a third term.

At a meeting, 99 percent of the members who voted approved the plan to alter the Lloyd's Act 1982 through legislation, Lloyd's said yesterday in an e-mailed statement.

"This is an overwhelming endorsement from our membership in support of the Treasury's proposals to reform Lloyd's governance and improve access to the market," said Levene in the statement.

Levene, who joined Lloyd's in 2002 as the first chairman to come from outside the market, in September said he would like another three-year period in office.