The International Underwriting Association (IUA) has elected Stephen Riley as its new chairman. Riley is an executive director and member of the board of Global Aerospace Underwriting Managers. He takes over from Tony Medniuk, group CEO of Global Aerospace, who has been the IUA's chairman for the past two years.

“Over the past two years the IUA has been reinvigorated with a new focus on objectives that bring direct, tangible benefit to our members,” said Riley. “It is my intention to maintain this more 'market-facing' role to help underpin the best business environment for insurers and reinsurers in the London Market.

“Specifically this will mean a continued emphasis on streamlining the market's business processes, maintaining an effective working relationship with the Financial Services Authority and providing useful underwriting and claims technical support.”

Riley previously served as the IUA's deputy chairman and has been a member of the Board since IUA creation. He is also vice president of the Insurance Institute of London.