Last night IUA formally celebrated its first 10 years of existence. We hosted a dinner for members and market guests at 2 Temple Place, once the city home of William Waldorf Astor. The evening went very well, the food and company were lovely and the air conditioning worked!
William Waldorf Astor came to the UK from America as probably one of, if not the, richest person in the world. The Bill Gates of his day. His love of London and branching out globally perfectly complements IUA’s international position. The majority of our members are foreign owned but all come to London to seize the immense business opportunities, talent and infrastructure on offer.
Our Chairman’s remarks after dinner also touched on the threat faced by our industry of another wave of insurance regulation. The London Insurance market has demonstrated tremendous resilience and strength in recent times but we fear we might become embroiled in wide-ranging financial services regulation when our business model is fundamentally different to banking. This message has been relayed to the FSA and European Commission and we hope that it is both understood and explicit in regulatory developments in the future.
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