Posted on: 25 July 2024
Three more companies have joined the International Underwriting Association (IUA). The organisation has announced a continued expansion reflecting the robust health of a London company market that has seen premiums grow significantly in recent years.
The IUA now represents a total of 81 firms, a figure which has more than doubled over the past ten years. Research published by the association shows that the company market in London earned aggregate premiums of £44.071bn in 2022. This represented an increase of approximately 25% on the previous 12 months (2021: £35.654bn) and 100% growth in the past decade (2014: £22.455bn).
The latest three companies to join the IUA are Advent Risk Management, Coverys Limited and Munich Re Specialty. In addition, Apex Insurance Company of Uzbekistan has joined as an associate member.
The news comes as the association is celebrating its 25th anniversary. It began operations in 1999 following the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). This union brought together the representative bodies for the marine and non-marine sectors of the London company insurance market.
Dave Matcham, Chief Executive of the IUA, said: “The London company market continues to go from strength to strength and our members are at the forefront of industry responses to emerging risks. Company insurers are, for example, providing more and more cyber coverage and are supporting sustainability projects with protection for green projects across their lifecycle.
“We have seen new firms established in London and a particular growth in the managing general agency business model. Companies are also increasingly keen to benefit from the services we provide as an industry association. More than 1,300 individuals now regularly participate in the dozens of market groups that we run.
“With our members support we look forward to continuing our work to secure an optimal trading environment for London insurance companies.”
