UK-based representative body the London and International Insurance Brokers’ Association (LIIBA) has announced a new overseas member, an entity based in Azerbaijan.
Zaman Insurance and Reinsurance Brokers LLC, which is based in Baku, is the latest overseas broker to join LIIBA, joining the ranks of business entities from Belgium, Cyprus, Greece, Hong Kong and Spain that have chosen London as an attractive location for operations.
“LIIBA’s international footprint is growing larger all the time – there are two Is in LIIBA for a reason. It reflects the global nature of the insurance traded in London that makes our market unique,” said Chris Croft, Chief Executive of LIIBA. “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. 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.”