London Market Group (LMG) has announced several changes to its board of directors, including the appointment of Marsh UK chief executive Chris Lay as new chairman, succeeding Sean McGovern.
Convex UK chief executive Theo Butt will also join the board, succeeding SCOR chief executive Claire Macdonald. This follows Butt’s recent appointment as President of the International Underwriting Association (IUA). He has over twenty years of industry experience, having served as CEO of Convex Insurance UK for the past five years. Prior to this, he held senior roles at Neon, Ascot Group and Marsh.
Sean McGovern, newly appointed chairman of the Lloyd’s Markets Association (LMA) and chief executive of AXA XL UK and Lloyd’s, also joins the board, succeeding outgoing LMA chairman Andrew Brooks. McGovern served as chairman of the LMG board for three years and worked at AXA XL for the past seven years. Earlier in his career, he held senior roles at TheCityUK, XL Catlin and Lloyd’s.
Alex Powell, CEO of AEGIS London, joins the Board as an LMA representative. He has been with AEGIS for 25 years and served as CEO for the past three years.
Lloyd’s chief executive Patrick Tiernan succeeds Rachel Turk, Lloyd’s head of market performance. Prior to joining Lloyd’s, he was Managing Director of Aviva UK Commercial Insurance and Global Corporate & Professional, and also held roles at StarStone Insurance and EY in Zurich.
Chris Lay said: “I would like to express my gratitude and that of the Board to Claire, Andrew and Rachel for their dedication and commitment to the work of LMG during their time on the Board. Their contribution has been invaluable.
“As we welcome Theo, Alex and Patrick, I am delighted to have the opportunity to work together on LMG’s core priorities of attracting the next generation of talent to the London insurance market and ensuring we promote the most competitive and forward-looking 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 pleased that Sean has retained his seat on the board in his new role as LMA Chairman and look forward to benefiting from his continued contributions as we advance these priorities.”
