The London Market Brokers’ Committee (LMBC), which represents Lloyd’s brokers in the UK, is seeking member support to form a new broking association separate to the British Insurance Brokers Association (BIBA).

LMBC Chairman Jonathon Palmer-Brown has written to members about forming an independent association for all London and international insurance and reinsurance brokers, to be known as LIIBA.

“The decision to form a new association was made because, over time, the interests of the retail insurance broker and that of the London market broker have become increasingly diverse,” Mr Palmer-Brown said in the letter.

“For this reason it was felt Lloyd’s brokers would be better served by a dedicated trade association which would be focused entirely on their needs. This will respond to criticism by some of the London Market brokers who have indicated that while they may have little need for the services which BIBA offers, they are obliged to pay for them.”

But BIBA CEO Eric Galbraith says his association continues to represent all UK general insurance intermediaries, including London Market brokers, despite the proposal.

“It is business as usual for BIBA and all of its members,” he said.