Global insurers are taking stock of how the US withdrawal from the international agreement to curb Tehran's nuclear program and renewed sanctions against companies that do business with Iran could affect them.
Insurance broker Arthur J. Gallagher & Co. said on Friday it will continue to monitor developments following the US withdrawal from the Iran deal, while Zurich-based Swiss Re said it is “assessing the impact” of the US decision on its business.
Gallagher, based in Rolling Meadows, Illinois, has British and Norwegian subsidiaries that have brokered insurance and advised clients on activities related to Iran’s oil and gas industry, as recently as the 2018 first quarter, according to a filing, Reuters reported.
Rebuffing appeals from France, Germany and Britain, US President Donald Trump withdrew the United States 10 days ago from the 2015 nuclear deal between Iran and six major powers.
The move has spurred global insurers and other companies to rethink their dealings in Iran, as they await further guidance from the United States and European Union.
May 19, 2018 19:17
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Global Insurers Review Iran Deals Under European Guarantees
A Lloyd’s of London spokesman, on May 10, said the company is also reviewing the implication of “reimposition of previously suspended US sanctions against Iran and will issue guidance to the Lloyd’s market in due course”
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