The London Market Group (LMG) has announced the appointment of Chris Lay, chief executive officer of Marsh McLennan UK, as its new chair. Lay will officially assume the position on January 1, 2026, succeeding Sean McGovern, CEO of AXA XL Lloyd’s and London Market, whose three-year term concludes at the end of 2025. McGovern will continue to serve on the LMG board.
During McGovern’s tenure, the LMG strengthened engagement between the insurance industry and government. Key achievements included advancing the introduction of a UK captive regime, a significant step for corporate risk financing, and driving initiatives to attract and develop future talent in response to the market’s growing skills gap.
Lay takes on the role at a pivotal moment for the London Market. The sector is navigating post-Brexit regulatory alignment, intensifying competition from global hubs such as Bermuda and Singapore, and ongoing efforts to modernise market processes.
As chair, Lay will be tasked with steering the market through these challenges while reinforcing London’s position as a leading global centre for specialty insurance and reinsurance.
