Fifth Reinsurance Company Launched

Tehran Ruck Reinsurance Company (Tehran Re) has received operation license from the Central Insurance company of Iran  (CII) becoming the fifth reinsurance company in the country. 
As per an announcement seen on the CII website, Tehran Ruck Reinsurance can cover risks in all categories.
The private company is starting with five trillion rials ($18 million), 28.9% of which was secured via an IPO held in January. The company sold 1.44 billion shares for 1,000 rials each. Each retail or institutional trader could buy 1 million shares.