Freight News, Logistics

BIFA winds up insurance arm

[ February 26, 2016   //   ]

BIFA has formally wound up its mutual insurance arm. The company ceased to operate about 14 years ago and the latest move is to release final funds to shareholders. It was set up to provide deferment bonds for forwarders who became shareholders in the mutual company. At the time it was a good way for smaller forwarders to get low cost bonds but by the end of the 1990s the banks offered increasingly stiff competition and BIFA Mutual dwindled and eventually stopped trading in about about 2002.