Azerbaijan broker joins LIIBA

Azerbaijan's Zaman Insurance and Reinsurance Brokers is the latest overseas member to join the London and International Insurance Brokers Association (LIIBA). Based in Baku, Zaman is the latest example of an international broker to join the industry trade body. It will sit alongside brokers from countries as diverse as Belgium, Cyprus, Greece, Hong Kong and Spain in becoming a part of LIIBA, a group which all bring insurance and reinsurance business into the London Market. "LIIBA's international footprint is growing larger all the time, there are two in LIIBA for a reason," said Chris Croft, LIIBA's chief executive. "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 are outside the UK," Croft added. LIIBA represents the interests of Lloyd's insurance and reinsurance brokers operating in the London and international markets, and the trade association works with over 95% of Lloyd's brokers. Its origins can be traced all the way back to 1910. The members of LIIBA oversee placement of $67bn of premiums in the London Market and another $24bn across the world. Collectively the members contribute to the London Market's 26% share of The City's GDP or 10% of London's GDP in 2015.

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