Stuart Reid to Chair BIBA’s Larger Broker Advisory Board and join main Board
3rd February 2014
Stuart Reid, Bluefin’s Executive Chairman, has been appointed Chairman of the British Insurance Brokers’ Association’s (BIBA) new Larger Brokers' Advisory Board, with immediate effect. Stuart, as the Chairman of the Larger Brokers’ Advisory Board, will also take a seat on BIBA’s main Board to ensure that the views of larger brokers are represented within the trade association which counts just under 2,000 regulated firms among its membership.
The Larger Brokers’ Advisory Board has been established to represent BIBA’s bigger members with a turnover of greater than £1 million per year. The advisory board’s role will be to connect BIBA at the highest levels both with market trends and developments, and also with the most senior stakeholders externally. It is the first such advisory board to be launched following recommendations in BIBA’s Strategic Review to strengthen governance and segmentation.
Peter Blanc, Oval Group’s CEO, has also been named Deputy Chairman of the advisory board which will meet on a quarterly basis to provide advice and ensure that the issues affecting larger firms are properly represented to the main BIBA Board and BIBA Executive. This is expected to be a two-way dialogue with the advisory board acting as a sounding board to the main BIBA Board and Executive and undertaking ad-hoc tasks on their behalf when delegated.
Steve White, BIBA's Chief Executive, said: "We have had a fantastic response from members wanting to be involved in BIBA’s new governance structure. The launch of the Larger Brokers’ Advisory Board is an important step in delivering the recommendations of our Strategic Review and we will continue to drive forward the development of our new structure.
“We have some key players from larger brokers involved, many of whom have not held formal roles within BIBA before.”
Stuart Reid said: “The prospect of chairing a new advisory board representing the interests of larger brokers is very exciting, particularly at such a pivotal time. Although the long-awaited economic recovery is now underway, further changes and challenges lie ahead and it is crucial that the larger brokers, which contribute significantly to the economy and play a vital role in UK industry, are properly represented.”
Peter Blanc said: “I'm really excited to be part of this Board – Larger brokers have a key part to play in ensuring fair play for consumers and a strong voice with our regulator. Being vocal within BIBA is the right way of driving these messages."
A further four advisory boards will be established in due course to reflect different but vitally important segments of the BIBA membership. Other recommendations from the Strategic Review, which have recently been implemented, include the appointment of Lord Hunt of Wirral as BIBA’s first independent Non-Executive Director to the Board. Lord Hunt also become the new BIBA Chairman in January 2014.
The Strategic Review was announced in May 2012 with the appointment of consultants Deloitte, who made a number of recommendations which have been taken forward by BIBA's Board and Executive team in six main workstreams. Members voted overwhelmingly in favour of the changes proposed by the Segmentation and Governance workstreams at BIBA’s Extraordinary General Meeting (EGM) in October 2013.
Notes to editors
1. For further information please contact:
BIBA press office:
Leighann Forsyth, Head of Communications
020 7397 0223
2. 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 having merged with the Institute of Insurance Brokers (IIB) in November 2011.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
53% of all general insurance is sold by an insurance broker and they arrange 81% of all commercial insurance business.
Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 400,000 people a year to access insurance protection through it’s Find a Broker service, both online and via the telephone.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.