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LIBA - Lloyd's Insurance Brokers Association was formed in 1910. Following the promotion of the Insurance Brokers Registration Act in 1977, LIBA agreed to join with the other insurance broker trade bodies (CIB – Corporation of Insurance Brokers, FIB – Federation of Insurance Brokers and AIB – Association of Insurance Brokers) to form the British Insurance Brokers' Association. However, the LIBA, now renamed the LMRC (London Market Insurance Brokers' Committee) formed specifically to look after the interests of Lloyd's brokers, remains an autonomous body in so far as matters affecting Lloyd's brokers are concerned.

BIBA was founded in 1977 to represent the independent insurance broker. In 1988, following the introduction of the Financial Services Act, the organisation extended its membership to include Independent Financial Advisers, and became the British Insurance and Investment Brokers' Association – BIIBA

In 1994, the UK 's Independent Financial Advisers were coming under increasing pressure, which led to calls for the creation of an association dedicated to representing their interests. As a result, BIIBA was the driving force behind the establishment of its sister organisation, the IFA Association

In September 1999, the organisation removed the word ‘investment' from its title, and reverted to the name BIBA. Today, it is the largest broker organisation in the UK , and has established itself as the industry's most powerful and authoritative voice.

In 2008 LMBC decided to reform its separate identity and set up London International Insurance Brokers Association (LIIBA). Following this BIBA restructured and set up LMBC to focus on its London members.

BIBA has some 1,700 members, of which approximately 100 are London Market brokers.