Lancashire joins IUA

Lancashire Insurance Group has become the latest international group headquartered in Bermuda to join the International Underwriting Association in London, through its FSA-authorised insurance company Lancashire Insurance Company (UK).

Support for the IUA's key business priorities of developing business process reform and ensuring effective communication with the Financial Services Authority were cited by the company as the guiding factors in its decision.

Paula Porter, chief executive officer of Lancashire Insurance Company (UK) said the company is committed to involvement in subscription business and strongly believes in the mutual nature of the London Market.

She commented: "The objectives that the IUA has set out in its business plan are the kind of issues that we believe are key for the London market to retain and strengthen its position as the market of choice for specialty business. The IUA is part of the essential infrastructure in London and we feel we can draw a lot of strength from the association.

"Lancashire is here to stay in the London Market. We want to be right at the centre of it and being a member of the IUA will support us in that aim."

The Lancashire Insurance Group is a global provider of specialty insurance products, focusing especially on short-tail specialty risks written on a direct basis. The Group was formed in 2005 with a Bermudan licensed insurer; in 2006 it obtained authorisation for a separate UK Financial Services Authority licensed insurer, Lancashire Insurance Company. Lancashire Insurance Company follows three other new market entrants as new members of the IUA in recent years.

Dave Matcham, chief executive of the IUA, welcomed Lancashire to the association. He said: "Since its launch the Lancashire Insurance Group has grown remarkably into a highly focussed and successful business. I am delighted the group has now chosen to join the IUA community and believe this move will further strengthen both organisations.

"The IUA's 'market-facing' approach offers new members practical benefits from day one, from market reform influence, to compliance guidance and everyday underwriting and claims support.

"I look forward to seeing our association benefit from the knowledge and expertise that Lancashire will be able to contribute."

The IUA now has 41 Ordinary members covering the vast majority of international insurance and reinsurance companies operating in or through London. It also has 23 Associate members and 10 Affiliate members.