The Insurance Brokers Network of Australia (IBNA) has confirmed market rumours that major brokerage Coverforce has taken up membership.

The Sydney-based company will formally join IBNA on March 31 after quitting the Steadfast network.

IBNA Chairman Gary Gribbin says the addition of Coverforce to the group is “a most welcome development”.

“Attracting a business with the size and reputation of Coverforce to IBNA membership is a wonderful validation of our value proposition,” he told insuranceNEWS.com.au.

“Our business model is uncluttered and features a completely unconflicted relationship with members.

“The addition of a quality, well-established and highly respected business such as Coverforce is a coup for us. It adds to our strength and enhances our credibility.”

The recruitment of Coverforce follows last month’s controversial addition to IBNA’s ranks of comparator site iSelect.

More details in our regular bulletin on Monday.