Lloyd's of London

"U.S. officials are considering targeting big financial firms including Lloyd's of London in a bid to impose tougher sanctions on Iran over its nuclear programme... The White House is keen to concentrate on Iran's dependence on refined oil imports and insurance firms that underwrite the trade...Mark Dubowitz, of the Foundation for Defence of Democracies policy institute, said: 'The key fulcrum is the insurance and reinsurance companies. 'It's difficult to ship without insurance and reinsurance.' A statement from Lloyd's of London said it would take action to ensure any new sanctions were abided by. It said: 'Lloyd’s covers less than 10 per cent of the shipping that carries refined oil to Iran. 'If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.'" (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09) (http://www.dailymail.co.uk/news/worldnews/article-1217215/Obama-target-Lloyds-London-plan-tougher-sanctions-Iran.html)

Lloyd’s is telling underwriters they would be wise to review their contracts to look for ships heading to Iran. Mr McGovern said it was possible that underwriters would be compelled positively to ensure that a ship they had covered would not be going to Iran. This could take the form of inserting exclusionary clauses in future contracts, specifying that ships would not be covered if they carried goods to Iran." (Financial Times, "Lloyd's to Abide by Any Iran Sanctions," 2/16/10) (http://www.ft.com/cms/s/0/e77bc6ae-1b1c-11df-953f-00144feab49a,dwp_uuid=be75219e-940a-11da-82ea-0000779e2340.html)

On this page ‘http://www.iranianre.com/international-links/’, of the official website of “Iran Re“, there is a list of “Iran Re” business connections with international reinsurance companies, as “SCOR Group“, “Munich Re” and “Lloyd’s of London“, companies who have offices in U.S.

New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. (Reuters, "U.S. sanctions seen barring IT platform of insurer Lloyd's for Iran trade," 7/13/2018).    (https://www.reuters.com/article/us-iran-sanctions-insurance/u-s-sanctions-seen-barring-it-platform-of-insurer-lloyds-for-iran-trade-idUSKBN1K31TX)

"A Lloyd’s of London spokesman, on May 10, said the company is also reviewing the implication of “re-imposition of previously suspended U.S. sanctions against Iran and will issue guidance to the Lloyd’s market in due course.”" (5/10/2018) (https://www.reuters.com/article/us-iran-nuclear-ajg/global-insurers-review-business-after-u-s-exit-from-iran-deal-idUSKCN1IJ2NB)

"The Lloyd's of London insurance market has announced plans to launch offices in Iran – a move that could help the country’s efforts to open its economy to post-sanctions investments. Inga Beale, the CEO of the world's leading specialty insurer, was quoted by Iran’s domestic media as saying that Lloyd's of London would establish branches in Iran’s free trade zones. To the same effect, two Lloyd's directors will soon travel to Tehran to discuss the technicalities for this, Beale was quoted as saying by Iran’s state news agency IRNA.  She made the remarks in a meeting with Abdolnasser Hemmati, the head of Iran’s Central Insurance Company, during a visit to London on Friday. Beale further added that Lloyd's syndicates are interested in returning to the Iranian market." (Press TV, "Lloyd's to open branches in Iran," 11/20/2016) (http://presstv.ir/Detail/2016/11/20/494380/Lloyds-of-London-to-open-branches-in-Iran)

--