International Underwriting Association (IUA)
The association of London market insurance and reinsurance companies outside Lloyd's, which publishes model clauses and represents the company market before the authorities.
The International Underwriting Association is the trade body of the insurance and reinsurance companies writing international and large risks from London, outside the Lloyd's syndicates. It was formed in 1998 from the merger of two earlier associations, one devoted to reinsurance and the other to marine and aviation risks. Its role is comparable to that of the Lloyd's Market Association for syndicates: drafting model clauses, often in concert with it so that both halves of the market use the same texts; representation before the prudential regulator and the conduct regulator; joint work on modernizing placements and claims settlement; publishing statistics on company market activity. For the underwriter, the association's clauses are as structuring as those of Lloyd's, notably in reinsurance, where they set the wording of many treaties. The coexistence of the two associations reflects the duality of the London market, whose practices are shared but whose capital and supervisory structures differ.
When the war in Ukraine broke out in 2022, the two London associations jointly published, within weeks, sanctions clauses and updated exclusions for use by the whole market, so that syndicates and companies on the same placement would apply the same wording.
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