The British Insurance Brokers’ Association (BIBA) has formed an agreement with the Worldwide Broker Network (WBN) so that BIBA’s UK-based brokers are introduced to WBN’s EU-based brokers — thereby enabling continuity for BIBA members’ EU clients after Brexit.
WBN has at least one member operating in each EU country, which are all subject to checks on their regulatory status, explained London-based BIBA in a statement.
“In our survey of members last year we asked what concerns they had about the UK’s impending exit from the EU,” commented BIBA Executive Director Graeme Trudgill.
“One of the most common and worrying was the issue around continuing to help EU clients with renewals, claims handling and placement post Brexit,” he added. “As soon as we had the results of the survey we began looking for a solution and working with WBN is the obvious choice.”
Alec Finch, a founder and board member of San Francisco-based 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, noted: “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 organizations responding to BIBA member concerns.”
Source: British Insurance Brokers’ Association (BIBA)
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