The London Market Group (LMG) has named Chris Lay, chief executive officer of Marsh McLennan UK, as its next chair.
Lay (pictured above) will take up the role on January 1, 2026, succeeding Sean McGovern, chief executive of AXA XL Lloyd's and London Market, who steps down at the end of his three-year term but will remain on the LMG board.
McGovern said the past three years had seen the LMG make “considerable strides” in areas of collective interest, pointing to progress in government relations and the development of talent programmes. He described Lay as a leader with deep knowledge of the London Market and established relationships across government and business, which would be “invaluable” to the LMG’s future work.
Lay, who has collaborated with the LMG on captive regulation and other regulatory issues, noted that cross-market support is essential for advancing industry priorities. He said he looks forward to strengthening the partnership between the LMG and government to bolster the UK’s competitiveness in financial services. He also highlighted the importance of continuing efforts on talent development and regulatory reform to ensure the market remains a leading global hub for specialty risk.
McGovern’s tenure as chair coincided with a period of heightened engagement between the insurance sector and government. Under his leadership, the LMG played a central role in driving initiatives such as the introduction of a UK captive regime, a long-awaited development for corporate risk financing. The group also sharpened its focus on attracting future talent, an area seen as critical given the market’s ongoing skills gap.
Lay’s appointment comes at a time when the London Market is facing both opportunities and challenges. Post-Brexit regulatory alignment, the competitive positioning of the UK against centres such as Bermuda and Singapore, and the continued modernisation of market processes are all at the top of the industry’s agenda.
As chair, Lay will be expected to navigate these pressures while maintaining the market’s global standing in specialty insurance and reinsurance.
