Brexit woes and all, it looks like London has not lost its charm when it comes to overseas insurance brokers wishing to place business into the market.
The London and International Insurance Brokers’ Association (LIIBA) has welcomed its newest overseas member – Azerbaijan-based Zaman Insurance and Reinsurance Brokers LLC. The representative body said the latest addition joins member Lloyd’s brokers from Belgium, Cyprus, Greece, Hong Kong, and Spain.
“LIIBA’s international footprint is growing larger all the time – there are two Is in LIIBA for a reason,” commented LIIBA chief executive Chris Croft. “It reflects the global nature of the insurance traded in London that makes our market unique.
“All these firms have to deal with the Financial Conduct Authority and are also impacted by European legislation. This means that LIIBA’s lobbying efforts and work on regulation are very relevant to them, even though they’re outside the UK.”
Croft added: “It’s also a testament to LIIBA’s reputation that these international brokers see the value in being part of our organisation; and testament to our international members’ commitment to London that they recognise this value.”
Back in October the London Market Group unveiled a campaign promoting London as the world’s insurance hub or the go-to place for insuring risks.
“The London insurance market has played an essential role in enabling people to realise their ambitions for centuries, but we have not always articulated the benefits of doing business in London as clearly as we might,” said Beazley chief executive Andrew Horton at the time. “With increasing international competition, we need to tell our story.”
