IranianRe Negotiating With Global Reinsurers

Iranian Reinsurance Company (IranianRe), affiliated to Bank Pasargad, has linked up with a number of major international reinsurance companies for establishing relations and receiving reinsurance coverage.

C-level executives with the reinsurer have met with their counterparts at SCOR SE, PartnerRe and Nasco Insurance Group, and conducted fruitful negotiations to develop ties, according to IranianRe.

IranianRe chief executive and deputy chairman of the board, Seyyed Mohammad Asoudeh, board member Mohammad Mihanyar and top advisor of CEO, Noushin Taqi Khataei, represented the reinsurer in its talks with the reinsurance players.

“We had a round of successful negotiations regarding mutual insurance cooperation and reinsurance coverage in addition to cooperation in offering modern insurance and reinsurance coverage,” chief executive Asoudeh said in a statement.

Iranian and French officials also reached “preliminary agreements” concerning educational courses, he added, without elaborating further.

IranianRe devises its goals in the form of five-year development plans. As it was founded in 2010, it is now in its second five-year plan and eye reinsurance development as one of its major goals.

According to its latest balance sheets, it currently boasts capital assets worth 2.5 trillion rials ($59.5 million).

IranianRe is following the overarching policy of transferring a portion of the country’s risk to foreign reinsurers, a goal that was also stressed upon by top-tier officials in the biggest Iranian insurance event of the year, the 24th National Conference on Insurance and Development, last Monday.

In the final days of September, the Central Insurance of Iran, the industry’s sole regulating body and its largest reinsurer, announced that its yearlong negotiations have led to an agreement with SCOR based on which Iran will receive catastrophe excess reinsurance coverage.

A few weeks later, Bank Mellat-affiliate Mellat Insurance signed a contract with the French reinsurer to be able to receive the excess of loss coverage caused by fire, natural disasters and loss of profit up to a ceiling of €200 million.

At present, CII, Iranian Re and Amin Reinsurance Company are the only players in the Iranian reinsurance market.