Economy, Business And Markets

Int’l Reinsurance Co. Expected in Qeshm

Int’l Reinsurance Co. Expected in Qeshm  Int’l Reinsurance Co. Expected in Qeshm

A major international reinsurance company will soon start operating in the Persian Gulf island of Qeshm after the lifting of the sanctions.

According to Reza Baqerinejad, head of Qeshm Island Investment and Development Company, the firm would be the first and the largest of its kind in Qeshm with a multi-billion-dollar initial capital, ILNA reported.  The unnamed company earned $30 billion in return of premium last year, he said.

Baqerinejad said there are plans for launching offshore banks in Qeshm, but complained that regulations for establishment of offshore banks are still incomplete and vague.”

“We also have plans to launch the Qeshm Island financial center comprising offices, residential units and a hotel.”

Elaborating on investment opportunities in Qeshm, Baqerinejad said there are several unfinished projects in various sectors “waiting for investment.”

Qeshm Island, located in Strait of Hormuz in the Persian Gulf, is the largest free trade zone in Iran and is expected to emerge as a trading hub in the region after the sanctions are removed.

As per law, foreigners can establish insurance companies or buy the total shares of other companies in the free zones. However, in the mainland they can only buy up to 40% of insurance companies’ shares.

According to Central Insurance of Iran several foreign insurance firms including Munich RE, Swiss Re, Tokio Marine, Sompo and some French, Swedish and British companies have expressed interest in investing in Iran.