BIBA and WBN agree new arrangement to help members with their clients post Brexit

21st March 2018

The British Insurance Brokers’ Association (BIBA) has reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms to one of their member firms in an EU state in order to enable them to continue to work with EU based clients.

BIBA Executive Director, Graeme Trudgill said: “In our survey of members last year we asked what concerns they had about the UK’s impending exit from the EU. One of the most common and worrying was the issue around continuing to help EU clients with renewals, claims handling and placement post Brexit.

“As soon as we had the results of the survey we began looking for a solution and working with WBN is the obvious choice.”

WBN has at least one member operating in each EU country, which are all subject to checks on their regulatory status.

Alec Finch, a founder and board member of WBN said: “We were delighted to work with BIBA on this matter. We are still unaware of what provisions may be in place for cross-border trading and this arrangement makes perfect sense for UK based brokers. Importantly once the introduction is made the two broking firms will have complete control of their relationship and terms of business which means they can agree a collaboration that fits the clients’ needs.”

Steve White, BIBA Chief Executive concluded: “This important agreement will provide some certainty and continuity to BIBA members and their EU clients in the absence of a trade agreement providing access to the single market. It’s an example of great synergy between two organisations responding to BIBA member concerns.”

BIBA will launch the arrangement to members today.

Ends

Notes to editors
1. For further information please contact:
BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk
Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk
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3. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totaling £62.7bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 550,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

4. About the Worldwide Broker Network™

Founded in 1989, WBN has grown from nine member firms in Western Europe to more than 100 firms spanning the globe and serving clients through 500 + offices on six continents. Today, an important part of the insurance industry’s distribution network, WBN generates over $5 billion in property and casualty and employee benefits revenue annually.

5. Successful trading with Europe

The EU Exit raises a number of issues that could seriously impact insurance brokers and their customers. As of August 2016, 2,758 UK insurance brokers possessed passports to trade in the EU and 5,727 EU intermediaries held permissions to passport into the UK. 726 insurers also passport into the UK from the EU; increasing insurance capacity and providing a competitive trading environment. Of the London Market element of membership we believe 75% use their EU passports and also from this element around £7.8Bn of European revenues are written or managed in London through Lloyds’ and the company market.