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

As reported in a Breaking News bulletin last week, the Sydney-based company will formally join IBNA on March 31 after quitting the Steadfast network.

IBNA Chairman Gary Gribbin says it 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 move follows last month’s controversial addition to the IBNA ranks of comparator iSelect.

Coverforce was founded by Jim Angelis in 1994 as a specialist provider of insurance to the construction industry. Mr Angelis remains in control, and the company has expanded to service industries including manufacturing, retail, property and hospitality, plus the non-profit sector.

IBNA brokers place more than $1.3 billion in gross written premium, according to the group’s website.