Two large firms confirm they have quit Biba, although most will keep dual membership
The London & International Insurance Brokers’ Association (Liiba) is poised to sign up all of the capital’s large broking firms as members.
The association says it is confident that 133 London market brokers will join.
Some London members of Biba split to form Liiba last December, aiming to represent the interests of the capital’s brokers in the international market. Both institutions are carrying out their subscription drives for the year.
Two major reinsurance brokers, Towers Perrin and United Insurance Brokers (UIB), told Insurance Times they plan to leave Biba for the new group.
Jonathan Palmer-Brown, chairman of Liiba, said he had received tremendous support from the London market.
“All of the brokers in the London market have supported us. Absolutely all are on board. We have also had tremendous support from the International Underwritering Association and Lloyd’s Market Association.
“This is a great opportunity for Liiba to demonstrate the capability of London to the rest of the world.”
A Biba spokesman said its London committee would represent the interests of London market brokers involved in wholesale and direct domestic UK business. Liiba would focus on wholesale international and reinsurance business, the spokesman added.
Most London market brokers are likely to join both bodies because they need their interests represented both at home and abroad, Insurance Times understands.
A broker employing 150 to 199 people would pay Biba £10,560 in membership fees. A smaller broker with three to five staff would pay £490.
Although Liiba could not confirm its precise fees, the organisation said its membership costs were based on a similar band system to those of Biba.
Despite the split, Biba has said it wants to work closely with Liiba. The association is confident it will retain a large London membership.