The Board welcomed Sean McGovern (AXA) as Chair of the LMA, as well as two new directors: Nick Moore (Argenta) and Vinay Mistry (Apollo).

The Board heard a summary from Greg Brown (Oxbow Partners) on the LMA’s report, Lead and Follow in the Lloyd’s and London Market. The report aims to clarify the definitions of leader and follower roles, revealing discrepancies between perceived and actual responsibilities. The findings highlighted that investment in capabilities was key to maintaining relevance and identified the five most valued attributes as technical underwriting expertise, flexibility, pricing, claims handling and speed of response. Views on leaders’ fees were mixed, and tailored questions had been developed to help insurers assess their own positions.

Caroline Wagstaff, CEO at the LMG, summarised the LMG Strategy for 2026, focusing on three main priorities: collaborating with government and regulators, attracting and developing talent (with an emphasis on entry-level roles) and promoting the London market. Key initiatives include strengthening government relationships, creating a talent hub and launching London Risk Week in May 2026. It was also noted that the LMA and LMG continue to support each other’s efforts.

The Board noted Sheila Cameron’s quarterly CEO report, which outlines the main topics discussed by the broader LMA committees. Governance improvements to primary committees and joint committees were also noted.