Veteran exec takes the helm amid shifting market dynamics
Marsh has announced the appointment of James Addington-Smith (pictured above) as CEO of Marsh UK. The appointment, subject to regulatory approval, will see Addington-Smith take up the role in early 2026, reporting to Flavio Piccolomini, CEO of Marsh McLennan, International, and based in London.
In his new position, Addington-Smith will oversee the strategic development and execution of Marsh’s UK commercial strategy, including risk management, corporate and commercial client segments, risk consulting services, and specialty insurance broking solutions. He will also work with Marsh McLennan’s leadership to deliver the firm’s risk, strategy, and people capabilities to clients.
Addington-Smith succeeds Chris Lay, who also serves as CEO of Marsh McLennan UK. Lay is set to retire in the first quarter of 2026 after more than 40 years with the firm. Marsh has indicated that a new CEO for Marsh McLennan UK will be named in due course.
Addington-Smith joined Marsh in 2010 as marine leader, Asia, after working as a senior marine insurance broker in Hong Kong and London. He is currently president of Marsh Asia and has held several senior leadership roles, including Leader of Marsh Specialty in Asia.
Prior to his commercial sector career, he served as an officer in the British Army. Upon his transition, David Jacob, CEO of Marsh McLennan Asia, will also become president of Marsh Asia.
Martin South, president & CEO of Marsh, said, “It is very appropriate that someone with such a strong international career will lead our strategically important UK business, a global centre for insurance broking and innovation. I would also like to thank Chris for his tremendous contributions and impact on our firm, and his many years of leadership in our industry.”
Marsh performance
The leadership change comes shortly after the issue of Marsh McLennan's Q3 financial results.
It reported consolidated revenue of US$6.4 billion for the third quarter ended September 30, 2025, marking an 11% increase from the same period last year, or 4% on an underlying basis.
Operating income reached US$1.2 billion, up 6%, while adjusted operating income, which excludes certain items and intangible amortisation, rose 13% to US$1.4 billion. Net income attributable to the company was US$747 million, with earnings per share at US$1.51. Adjusted earnings per share increased 11% to US$1.85.
Marsh itself posted third-quarter revenue of $3.4 billion, a 16% increase, or 4% on an underlying basis.
