Third broking group in UK flourishes
The new London & International Insurance Brokers’ Association (LIIBA) claims it now represents 98% of the London-based international broker sector.
LIIBA came into being late last year after members of the London Market Brokers’ Committee decided to set up a body independent of the two main broker representative groups.
BIBA hasn’t been happy about losing 120 firms from its register, with CEO Eric Galbraith saying his association continues to represent more than 1700 firms in the UK and “remains the voice of the sector”.
A BIBA spokesman told insuranceNEWS.com.au LIIBA’s focus is on internal Lloyd’s and London market reform, and BIBA will not duplicate this work.
“It’s disappointing that members of our old London committee felt it was necessary to create a separate association, especially in the current climate where we all need one strong voice,” he said.
Institute of Insurance Brokers CEO Barbara Bradshaw told insuranceNEWS.com.au the firms that have joined LIIBA are predominantly members of BIBA.
“In the future if the London market brokers do not continue to support BIBA, then they will find themselves representing just the same market as ourselves – a market we have comfortably represented for over 20 years. Therefore I do not see this as a problem for IIB but as a potential problem in the future for BIBA.”
LIIBA came into being late last year after members of the London Market Brokers’ Committee decided to set up a body independent of the two main broker representative groups.
BIBA hasn’t been happy about losing 120 firms from its register, with CEO Eric Galbraith saying his association continues to represent more than 1700 firms in the UK and “remains the voice of the sector”.
A BIBA spokesman told insuranceNEWS.com.au LIIBA’s focus is on internal Lloyd’s and London market reform, and BIBA will not duplicate this work.
“It’s disappointing that members of our old London committee felt it was necessary to create a separate association, especially in the current climate where we all need one strong voice,” he said.
Institute of Insurance Brokers CEO Barbara Bradshaw told insuranceNEWS.com.au the firms that have joined LIIBA are predominantly members of BIBA.
“In the future if the London market brokers do not continue to support BIBA, then they will find themselves representing just the same market as ourselves – a market we have comfortably represented for over 20 years. Therefore I do not see this as a problem for IIB but as a potential problem in the future for BIBA.”