LMG appoints EY exec as CEO

The London Market Group (LMG) has appointed Benedict Reid as chief executive officer.

Seconded from professional services firm EY, Reid will take up the position on November 30, 2015, for a six month interim period.

He currently serves as a director in EY’s London market insurance practice and has spent the last ten years delivering operating model design and cost reduction programmes for specialty re/insurers and brokers.

Earlier in the year, LMG revealed that the current head of the LMG secretariat, Christopher Croft, will join London and International Insurance Brokers’ Association as its chief executive.  He will succeed David Hough who is retiring.

Steve Hearn, chairman of the LMG, said: “We are very pleased that Ben is joining the LMG to help put in place the structures that will allow the London market modernisation project to develop to the next stage.

“EY has tremendous strength in the insurance market, and is making a significant investment by seconding Ben to the LMG for this period. Ben’s work at EY has allowed him to build a wide set of relationships with senior stakeholders in the market, and he is well-known and respected by many CEOs, CFOs and COOs in both the carrier and broking communities.

“He has a deep understanding of London’s strengths, as well as the areas where improvement is required. His ability to hit the ground running is essential as, with the modernisation work well underway, maintaining momentum is vital.”

Reid added: “I am delighted to be joining the LMG at such a pivotal time in the market’s development. I have always been a strong advocate of the London market change agenda and, over the last decade, have been involved in transformation programmes for both carriers and brokers.

“I am looking forward to working with initiative sponsors and the market as a whole. Together we will tackle the lessons learnt from the London Matters report, and ensure the London market retains its position as the world’s pre-eminent insurance and reinsurance market.

“I intend to bring an external perspective to the market, but one informed by my knowledge of it, and focus on reinforcing LMG’s simplified, positive agenda which I believe will be key to the success of the market’s long-term outlook.”