The London and International Insurance Brokers’ Association (LIIBA) has announced an Azerbaijan-based firm as its latest overseas member.
Zaman Insurance and Reinsurance Brokers LLC is based in Azerbaijan’s capital Baku.
The re/insurance broker is set to join businesses from Belgium, Cyprus, Greece, Hong Kong and Spain as members of the London-based representative body. All are Lloyd’s brokers placing business into the London market.
Chris Croft, LIIBA’s Chief Executive, commented, “LIIBA’s international footprint is growing larger all the time – there are two Is in LIIBA for a reason. It reflects the global nature of the insurance traded in London that makes our market unique.
“All these firms have to deal with the Financial Conduct Authority and are also impacted by European legislation. This means that LIIBA’s lobbying efforts and work on regulation are very relevant to them, even though they’re outside the UK.
“It’s also a testament to LIIBA’s reputation that these international brokers see the value in being part of our organisation; and testament to our international members’ commitment to London that they recognise this value.”