98% of London market signs up to new trade body

The London and International Insurance Brokers’ Association (LIIBA) has announced that more than 120 firms have joined the association following its formation at the end of last year to represent brokers in the London insurance market.

Between them these members represent 98% of the London-based international broker sector, a figure that could increase still further in the coming weeks, said the group.

“This is as a good a result as we could have expected. We are delighted by the show of support, which gives us a renewed mandate to represent international brokers based in London,” said chief executive David Hough. “Just as we hoped, it has enabled us to sharpen our focus on our sector of the insurance market.”

LIIBA came into being after members of the London Market Brokers’ Committee (LMBC) voted unanimously to set up a new and independent body. The LMBC had previously been part of the British Insurance Brokers’ Association (BIBA).

All LMBC staff and committees transferred to LIIBA, as did the governing Board. LIIBA took over the LMBC’s old functions, including representation of London market brokers in discussion with regulators such as the wholesale division of the FSA, at the EU, on relevant international groupings such as BIPAR (The European Federation of Insurance Intermediaries) and on the Market Reform Group.

“The change in our status has been warmly received, not just by the membership but throughout the market and by the organisations to whom we speak on a regular basis,” added Hough.