The London Market Group (LMG) has confirmed a new set of board appointments and departures, with Theo Butt (pictured top, left), Sean McGovern (pictured top, right), Alex Powell (pictured below, left) and Patrick Tiernan (pictured below, right) joining as Chris Lay begins his term as chair this month.
Lay takes over the chairmanship with the board changes intended to update representation across the London market’s broking and underwriting community.
Butt, CEO UK at Convex, joins the board following his appointment as chair of the International Underwriting Association (IUA). He replaces Claire Macdonald, CEO of SCOR.
McGovern, CEO UK & Lloyd’s at AXA XL, also joins the board after being appointed chair of the Lloyd’s Market Association (LMA), replacing outgoing LMA chair Andrew Brooks.
Powell, CEO of AEGIS London, has been appointed as an additional board member representing the LMA.
Tiernan, CEO of Lloyd’s, replaces Rachel Turk, chief of market performance at Lloyd’s, on the board.
“I would like to extend my thanks, and the thanks of the board, to Claire, Andrew, and Rachel for their dedication and commitment to the work of the LMG during their time on the board. Their contributions have been invaluable,” Lay said.
“As we welcome Theo, Alex, and Patrick, I am energised by the opportunity to work together on the LMG’s core priorities of attracting the next generation of talent to the London insurance market, and ensuring we advocate for the most competitive and forward-thinking regulatory environment. With their expertise and fresh perspectives, I am confident we will continue to strengthen the London Market’s position as a global leader.
“I am also delighted that Sean maintains a seat on the board in his new role as chair of the LMA and look forward to benefitting from his continued contributions as we advance these priorities.”
LMG is a market-wide body that brings together specialist commercial re/insurance broking and underwriting communities in London. It is supported by the IUA, Lloyd’s of London, the LMA and the London & International Insurance Brokers’ Association (LIIBA).
LGM works with government, including Westminster and Whitehall, to ensure decision-makers understand the London Market’s role in the UK economy and that the market can operate in an optimal manner. It also said it campaigns to position specialty insurance as a destination career and aims to make the market more visible to those seeking jobs.
