Biba strengthens financial position

Biba has said investment in its members in 2023 has shown a “positive change” in its financial position.

The broker body’s latest accounts show that turnover increased by 9.5% and the post tax surplus reduced by 23% in 2023.

The financial change followed Graham Trudgill taking on the role of chief executive on 4 July 2023, succeeding Steve White who announced his retirement in May earlier that year.

“I am pleased that Biba continues to produce a strong financial position while, at the same time, offering increased levels of vital support for members,” said Trudgill.

“Our focus on investing in members has been reflected in a high level of member renewals, as well as more engagement between members and the Biba team.”

Investments

Considering its investment, internal changes in the broker body include the hire of a new head of public affairs, head of compliance and conference events manager.

Biba also claimed it has continued to financially support member mental well-being services, signpost insurance to brokers, offer sanctions checking, as well as compliance, and technical support.

It also highlighted the development of its Fair Value Assessment Framework with economics consultancy Oxera, which was first launched in October 2023, and its creation of its Litmus Test Report (BLTR) on unrated insurers in December 2016 as having an impact.

The investments led to the 2023 Biba Conference, which took place in Manchester in May last year, attracting a record circa 9,000 attendees.

“We will continue to be careful with member money, directing spending to address things that matter to them,” said Trudgill.