Marsh McLennan UK chief executive to take over as LMG chair

Chief executive at Marsh McLennan UK Chris Lay is joining trade body London Market Group (LMG) as its new chair.

Starting his new role from 1 January 2026, Lay is taking over from Sean McGovern, chief executive at Axa XL Lloyd’s and London market, who will step down at the end of his three-year tenure in December. 

Lay said: “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.”

Moving on

Despite stepping down, McGovern will remain a member of the LMG board.

McGovern 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 Lay 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.”

Commenting on McGovern’s departure, Lay added: ”Under McGovern’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 McGovern for the time, energy and wisdom he has given the market over the last three years.”