At the annual general meeting of the London and International Insurance Brokers’ Association (LIIBA), Nick Cook, CEO of BMS Group, was elected as a deputy chairman, taking over with immediate effect. He replaces Barnaby Rugge-Price who stood down in 2018.
At the meeting, LIIBA also published its annual report on its work during 2018 and outlining priorities for 2019. While many key priorities carry over from last year – e.g. Brexit preparation, regulation and all-important market modernisation and efficiency – the forward-looking agenda has been widened to include supporting members grow their businesses, with proposals to support the drive for growth from emerging economies such as Latin America.
LIIBA’s chairman Roy White said: “Nick’s experience in growing an independent, international broking business, headquartered here in London, gives him a strong view on both the value that the London brokers deliver but also how else LIIBA can support its members going forward. His energy and input will be invaluable to taking forward our growth agenda.”
White commented: “Our members face a number of ongoing issues which require us to maintain consistent support and guidance over time. Whilst our agenda reflects this, it is also consciously being flexed to identify areas where we can bring additional value.
“2018 was an exceptional year which saw significant milestones for the broking industry, in which I am proud to say LIIBA played an important part. The publication of the FCA’s Wholesale Insurance Brokers Market Study endorsed our belief in the competitiveness of the London market and included positive commentary about the value our members deliver to their clients around the world. We also saw changes announced by the US Internal Revenue Services to remove the burden of US Foreign Account Tax Compliance Act (FATCA) requirements relating to general insurance transactions.
“LIIBA’s work with the London Market Group to drive adoption of PPL among brokers and its efforts to assist brokers address the huge uncertainties created by Brexit illustrate the breadth of what the Association does for the continued competitiveness of our community. Whilst LIIBA is a small team – it is made up of very talented colleagues who, under the stewardship of chief executive Christopher Croft, have really risen to the challenges of this past year.”
LIIBA’s Christopher Croft said: “2018 has been a year of frantic activity around truly seismic issues. Brexit, in particular, has absorbed much of our resources. However. I’m pleased to say that, as a result of this work, we believe the UK Government is well informed about LIIBA members’ requirements from any future trading relationship with EU. This has helped shape the advice we have been able to give members around their contingency plans.
“Going forward, we will work closely with the Corporation of Lloyd’s and the rest of the London market on how we can attract more specialty business, while maximising the considerable opportunities that exist for wholesale specialty.”
Roy White will serve as chairman for a further 12 months.
Copies of LIIBA’s annual report are available from email@example.com.