Insurers and brokers from across the London Market have committed to raising £1mn ($1.4mn) to commemorate the 25th anniversary of the IRA Bishopsgate bombing.

St Ethelburga's

The ruins of St Ethelburga’s in the wake of the IRA bombing

To mark the anniversary, terrorism mutual Pool Re and broker Guy Carpenter will lead line slips with a one percent subscription each to raise funds for St Ethelburga’s – a peace and reconciliation centre on Bishopsgate.

The funds raised will be put towards the creation of a long-term endowment for St Ethelburga’s, which was left in ruins when a IRA bomb was detonated just seven metres from the church in 1993.

The endowment will be used for maintenance of the building as well as the success of future projects.

In the wake of the Bishopsgate bombing, Lloyd’s syndicates and the wider London insurance markets played a pivotal role in ensuring St Ethelburga’s was rebuilt and restored as a centre for reconciliation and peace.  It was officially re-opened in 2002.

The centre now works with refugees, asylum seekers and those from ethnic minorities to help them find their place in UK society.

Sir Tony Baldry, chair of the trustees at St Ethelburga’s said the London insurance market played a crucial role 25 years ago in helping to rebuild the church.

“A quarter of a century later we are extremely pleased that the market continues to show such much needed support,” Baldry said.

Julian Enoizi, CEO of Pool Re, said the terrorism mutual and St Ethelburga’s share a common heritage.

“We were born out of the same event,” Enoizi said.

“In the effort to build a future secure from the threat of terrorism, Pool Re and St Ethelburga’s stand united,” he added.