New service for Biba members will givem them access to insurance companys' IFS ratings..

Biba has launched an insurer financial strength ratings service for members that will provide them with insurance company ratings.

Insurance RatingsView will also assist with ensuring members are fully compliant with FSA requirements for due diligence. The service will be provided by Standard & Poor’s.

Primarily, the product will enable brokers to keep up to date with the financial strength rating of over 100 UK and Irish insurers.

Each of the ratings is only issued following the analysis of nine criteria which take financial, industry and business factors into account, providing a comprehensive view of the company’s financial strength.

Key features of the Insurance RatingsView service include: a real-time web source for objective ratings and analysis; special price for Biba members; 12 month subscription from the date of purchase; assessments on Lloyd’s syndicates; instant access to the latest ratings, research and key financials from Standard & Poor’s analysts; optional email alerts that will inform you of any rating changes and discount for multiple purchases.

Eric Galbraith, Biba chief executive, said: “Our members appreciate the importance of their ability to assess the financial strength of insurers.

“We believe that this service offers the analytical expertise they require, in a format which is easy to use and provides the depth of coverage and breadth of information that makes it a truly valuable resource for our membership.”

Peter Hughes, vice president Standard & Poor’s, said: “The ratings we issue are specifically designed to show how able the insurer is to meet its obligations to the policyholder.

“Ratings can change at a moments notice and at any time, and by using this service brokers can be confident that they are providing their clients with a current and reliable view of the financial strength of their insurer.”