The Society’s members (as distinct from the panel members) comprise both corporate bodies and individuals – the latter category mainly being of honorary “Life” members. Apart from the main market institutions of Lloyd’s IUA and BIBA as founders, there are 21 other founder members, all of which are prominent firms of solicitors, or, in two cases, accountants. In addition to the founding members, the Society has many corporate and individual members, comprising insurers, reinsurers, brokers, solicitors and other advisers. Membership is drawn from the UK and from other countries, particularly USA and European countries.
The main benefit of membership arises from being able to obtain from the Society the names and particulars of suitable persons experienced in insurance and reinsurance and who could be relied upon to act diligently and fairly as an arbitrator when so required. Members also benefit form other activities of the Society; some of these are mentioned under Other Activities.