The London Market Principles 2001 steering group, which is driving the programme of London insurance market reforms, has two new chairmen.

CNA Re managing director Stephen Riley and Willis UK IT director Stewart McCulloch said they were delighted to take up the roles.

The chairmanship of the group is rotated to give equal representation to the company and broker markets. Riley and McCulloch replace Nigel Barton, who represented Lloyd's and the Lloyd's Market Association.

Barton will remain a member of the steering group.

Riley is a member of the International Underwriters' Association and McCulloch represents the Lloyd's Insurance Brokers' committee.

Marsh client and market services director Richard Rycraft and Markel International systems strategy head Chris Gordge also joined as new group members.

The steering group was formed in 1999 and will publish reports on its work later this month.