The International Underwriting Association (IUA) has attained its highest number of members in more than a decade after two new companies joined the industry body.
The organisation announced the recent approval of the membership applications from the Norwegian Hull Club and General Insurance Corporation (GIC) of India.
Both applications were formally approved at the IUA’s most recent board meeting, bringing the total number of member firms to 49.
GIC of India caters to the reinsurance needs of the country while underwriting risks globally. The Norwegian Hull Club, meanwhile, is among the largest pure marine insurers in the world.
The IUA represents international and wholesale insurance and reinsurance businesses operating across the London market. Its success in attracting new members reflects the strength of the sector, according to the chief executive Dave Matcham.
“In recent years there have been a number of high profile mergers within the London company market. Despite this trend the IUA’s service offering has proved appealing to firms and our over membership continues to grow,” Matcham said.
“Such expansion represents both a healthy level of competition and a willingness to engage with various cross market projects,” he added.
Matcham said the launch of a new electronic placing platform and the promotion of London as centre for innovation “are all live issues where cooperation between companies can yield significant benefits.”
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