IIB and BIBA confirm merger negotiations

Two business insurance broking organisations have recently announced that they are currently in talks regarding a possible merger of their two groups.

Both commercial insurance broking groups, the Institute of Insurance Brokers and the British Insurance Brokers’ Association, have confirmed the suspicions of many professional indemnity insurance experts in the UK by officially announcing the negotiations.  Patrick Smith, chairman of BIBA, made the news official during the opening address of the 2011 BIBA exhibition and conference in Manchester recently.

Eric Galbraith, chief executive for the Association, stated that the broking sector needs one unified voice due to the new regulatory environment in which brokers in the UK currently find themselves.  Mr Galbraith also stated that one unified association would allow its lobbying campaigns in regards to the most crucial issues affecting brokers to gain in strength.

Barbara Bradshaw, chief executive of the IIB, has not yet seen fit to comment in depth on the new announcement.  However both Ms Bradshaw and her team would be expected to form an integral part of any organisation that results from the merger of the two industry bodies.

The IIB chief executive did state however that due to the current regulatory and economic environment, and in light of the serious challenges ahead for brokers, it is the right time for both IIB and BIBA to build a more collaborative working environment to protect the interests of its members.

Industry experts report that the proposed merger and all finer details of it could be finalised as soon as the end of 2011.  This could result in a unified front from 2012 going forward, experts stated.

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