The Association of Run-Off Companies (ARC) has broadened its membership to allow brokers to join.

The move is intended to give ARC a broader perspective on the industry, as well as increasing membership numbers.

Philip Grant, treasurer of ARC, said: "The decision to invite greater and broader industry participation follows internal debate and signals a responsiveness to change in ARC."

He added: "Brokers are now very welcome to participate in our lively dialogue. And as the market consolidates, concentrating the management of run-off portfolios in fewer hands, then it is only natural that service providers as well as the individual companies they represent should have their say."

Brokers will be able to participate in all ARC activities as non-voting interested party members.

In another change, service providers can now vote in their own right. ARC said this was prompted by insurance and reinsurance companies passing control of their run-off liabilities to service providers, and the need of ARC to recognise this.

Topics