Sax Riley's chairmanship of Lloyd's has been extended up to the end of 2002.

Riley originally took up the position for the 2001 underwriting year. But the Council of Lloyd's, which is the ruling body of the insurance market, has now asked him to stay on for a longer period.

Earlier this month, the 62-year-old was appointed as head of a high-level working party to review the market's future strategy.

A Lloyd's spokesman said that the council had decided to extend Riley's chairmanship so he could continue to promote the working group's recommendations. He added: “This will provide continuity of leadership.”

Riley has held a number of prominent positions in the insurance industry. In 1997 he was appointed chairman of Sedgwick Group and two years later he became director of Marsh and McLennan Companies.

He was elected to the Council of Lloyd's in January 1999.