Chris Lay, Chief Executive Officer of Marsh McLennan UK, will become the next Chair of the London Market Group (LMG), succeeding Sean McGovern, Chief Executive of AXA XL Lloyd’s and London Market.
McGovern, who will remain a member of the LMG Board, said: “The last three years have seen the LMG make considerable strides in the areas of collective interest for which it advocates, energetically building on strong foundations particularly in our talent programmes and in government relations. I am delighted that Chris is taking on the Chair.
“He has a depth and breadth of experience in the London Market and an excellent understanding of our customers, as well as strongly established relationships with other business, City trade bodies and government departments. These relationships will be invaluable in continuing to build the work on which the LMG is focused”.
Chris Lay, incoming Chair, commented: “Having worked closely with the LMG on captive regulation and other important issues, I know that cross-market support is vital for projects that advance the insurance industry’s interests and deliver positive change. I look forward to building on the strong partnership between the LMG and Government to further enhance the competitiveness of the UK financial services sector, both domestically and on the international stage.”
He also commented on McGovern’s leadership, noting his contributions to talent and the new UK captive regime. He said: “Under Sean’s leadership, the LMG continued to expand its valuable role within the UK’s financial services ecosystem, and he has provided great leadership on issues such as future talent attraction and the introduction of a UK captive regime. I know that I speak for the Board in thanking Sean for the time, energy and wisdom he has given the market over the last three years.”
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