A reinsurance deal that paves the way for a resumption of trade with Iran has been agreed by the protection and indemnity clubs.
They are to buy EUR 70m ($79m) of cover that partially fills a gap in their protection arising from ongoing primary sanctions affecting US reinsurers.
The replacement reinsurance has only to replace the cover where US reinsurers would default so is sufficient to mean that the 13 International Group clubs can offer $500m of cover for Iran related claims.
This
