London and Singapore underwriting associations team up

London’s International Underwriting Association (IUA) and the Singapore Reinsurers’ Association (SRA) have formed a partnership.

The organisations said the partnership will allow them to serve their common members better.

The IUA and SRA said they will cooperate to provide enhanced research facilities, improved statistical data and responses to regulatory developments affecting their respective international (re)insurance markets.

They added that the partnership will enable Singapore companies to tap into ongoing developments on the London market’s modernisation initiatives.

IUA chief executive Dave Matcham said: “Many IUA companies have offices in Singapore as they seek to provide underwriting expertise that is appropriate and understanding of local requirements. Often, however, the supporting infrastructure may be in London to avoid duplicating costs.

“This new affiliation is designed to help them operate more effectively across both locations. It will also help promote London as a first choice destination for specialty business which cannot easily be written in local markets.”

SRA chairman Thomas Lillelund added: “Given its global nature, reinsurers are affected by events and developments that occur anywhere in the world regardless of where their operations may be domiciled.

“Moreover, as both our associations share many commonalities – in terms of objectives, focus areas and membership slate – we believe this affiliation partnership will greatly benefit all our members in better enabling them to serve their clients in this highly interconnected world.”