Independent Broking Solutions joins WECOYA NORDICS & BALTIC
Press release
Independent Broking Solutions joins WECOYA NORDICS & BALTIC –
Strategic Expansion of London Market Capabilities
Copenhagen/London, 15 May 2025 – WECOYA NORDICS & BALTIC Underwriting GmbH has acquired London-based Independent Broking Solutions Ltd. (‘IBS’), a fully accredited broker regulated by both the UK Financial Conduct Authority and Lloyd’s. The acquisition marks a further step in WECOYA’s international growth strategy and will significantly expand its presence in the UK insurance market.
IBS manages a global network of appointed representatives (ARs) and provides both turnkey and bespoke access for entities and individuals to the Lloyd’s and London markets. As a non-producing broker, it maintains full neutrality, ensuring no conflict of interest with globally operating clients. In addition, IBS takes full responsibility for all compliance-related obligations on behalf of its clients, offering a secure and hassle-free route to market access.
The acquisition does more than just expand geographic reach. It also complements the services of Next Level Underwriting Ltd. (NLU’), another London-based subsidiary of WECOYA NORDICS & BALTIC Underwriting GmbH, which already offers successful intermediary services under a commission-based model. By contrast, IBS follows a fee-based consultancy approach, giving clients the choice between two distinct service and payment models under the same group umbrella. This dual offering responds to differing preferences in global markets, and positions WECOYA to meet a wider range of client needs in a flexible and transparent manner.
‘This acquisition significantly enhances our presence in London and deepens our service offering,’
says Peter Bangsgaard, CEO of WECOYA NORDICS & BALTIC Underwriting GmbH. ‘With IBS and NLU under one roof, our clients benefit from two strong service models - fee-based and commission-based - delivered with the same high quality and international focus.’
For IBS's partners - many of whom operate out of Asia, Africa and the U.S.- the acquisition also unlocks new opportunities. The combination with NLU highlights WECOYA’s growing European presence and strengthens the platform through which global partners can access the full potential of both the London market and continental Europe.
Nick Readings, CEO of IBS, adds: ‘Becoming part of WECOYA gives us the scale and support to expand our offering without compromising our independence or specialisation. Our clients will benefit from new options, streamlined market access and broader support structures across borders.’
With deep expertise across most insurance lines, a strong regulatory foundation, and a scalable network approach, IBS will play a key role in WECOYA’s long-term international growth strategy, while continuing to serve as a trusted, neutral platform for intermediaries worldwide.
About WECOYA:
WECOYA UNDERWRITING GmbH is a subsidiary of GGW Group GmbH. It consolidates its MGA activities across the following lines: WECOYA MARINE, WECOYA PRIVATE & COMMERCIAL, WECOYA MOBILITY, WECOYA CEE, WECOYA SERVICES & CLAIMS, and WECOYA NORDICS & BALTIC. From locations in Germany, Austria, Denmark, Italy, Norway, and Turkey, WECOYA handles risk assessment, the development of insurance solutions, and the issuing of binding offers on behalf of its clients. Furthermore, WECOYA is responsible for the creation and signing of insurance policies and contracts, as well as the complete claims management and settlement on behalf of insurers.
Press contact:
Nadja Benz
e-mail: nadja.benz@ggwgroup.de