UK financial services group Legal & General has announced it will cease to be a member of the Association of British Insurers by the end of 2014.
The ABI is the chief representative body for insurers active in the UK market, and acts to put forward views of the industry to regulators and policy makers.
However, L&G said in a statement that its own business development meant that it does not necessarily see ABI membership as the best way to put forward its interests, for example, interacting with regulators or engaging in lobbying.
A statement from the group said:
“Legal & General has informed the Association of British Insurers (ABI), that it will cease to be a member of the organisation at the end of 2014.
Legal & General’s business has evolved over time, and now a large proportion of its business lines fall outside the remit of the ABI. In the future we believe engagement with government, regulators and other external bodies will be more individually tailored, and less suited to uniform representation through one trade body.
We believe the ABI plays an important role in public policy formulation for the sector, and in promoting best practice and codes of conduct across the sector. Going forward we would like to work with the ABI on these important issues.”
Examples of the business development announced by L&G include the acquisition of Atlanta, US based Global Index Advisors, its first US manager acquisition earlier this year.
Last year, the group announced its move to enter the European wholesale market more aggressively, as it seeks to build out the availability of products from its investment management capability, Legal & General Investment Management.