The Market Reform Group has been renamed the London Market Group (LMG) and its remit widened to discuss any aspect of business where a cross market view, or some collaborative action, might be beneficial. This will see discussions extend beyond process change to areas such as the need to attract talent to the market and the market’s response to the Chancellor’s group report into the future of insurance.

Barnabas Hurst-Bannister, Chair of LMG, said: "MRG has been instrumental in delivering the substantial change we have seen over the last few years that has enhanced London’s position in the global marketplace. Whilst we remain absolutely committed to delivering the Finish What We’ve Started programme – and further efficiency improvements beyond this - the need for fundamental ‘reform’ has passed and we should reflect this in our name. The wider remit will ensure that we build appropriate consensus around any issue that affects the competitiveness of our market. This will ensure that London remains at the forefront of the global insurance industry."