Two new companies have joined the International Underwriting Association (IUA), increasing the organisation’s membership level to its highest in more than a decade. Membership applications from both the Norwegian Hull Club and General Insurance Corporation of India were formally approved at the IUA’s most recent Board meeting, bringing the total number of member firms to 49.
The IUA represents international and wholesale insurance and reinsurance businesses operating across the London Market. Chief executive Dave Matcham said its success in attracting new members is a reflection on the strength of the sector.
He commented: “In recent years there have been a number of high profile mergers within the London company market. Despite this trend the IUA’s service offering has proved appealing to firms and our over membership continues to grow. Such expansion represents both a healthy level of competition and a willingness to engage with various cross market projects.
“The impact of Brexit, launch of a new electronic placing platform and promotion of London as centre for innovation are all live issues where cooperation between companies can yield significant benefits.
“I am pleased to welcome the Norwegian Hull Club and General Insurance Corporation of India to the IUA and look forward to working with them.”
GIC of India (GIC Re) is the designated Indian Reinsurer, catering to the reinsurance needs of the country as well as underwriting risks globally. The Norwegian Hull Club is a mutual marine insurance company serving members and clients worldwide. It ranks amongst the largest pure marine insurers in the world.
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2014 was £22.943bn. Gross premium written in London totalled £15.855bn while a further £7.079bn was identified as written in other locations but overseen by London operations.
The statements expressed in this media release are representative of the results of a survey of IUA companies, informal interviews with members and discussions held by the IUA Board. They do not necessarily represent the personal views of individual board members.