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IranianRe leadership has met key executives at SCOR, PartnerRe, and Nasco Insurance Group to negotiate potential partnerships, as Iran’s biggest reinsurer follows a strategy of transferring risk to foreign reinsurers, according to the Financial Tribune.
IranianRe Chief Executive Officer (CEO) and Deputy Chairman of the Board, Seyyed Mohammad Asoudeh, said in a statement; “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.”
In September, Iranian re/insurance regulator and reinsurer, the Central Insurance of Iran, reached an agreement with SCOR in which SCOR will cover catastrophe losses related to Mellat Insurance’s fire policies, natural catastrophe business, and loss of profit and engineering insurance, up to a maximum €200 million (US$235 million).
According to the Financial Tribune, Bank Mellat-affiliate Mellat Insurance had also signed a contract with SCOR to receive the excess of loss coverage caused by fire, natural disasters and loss of profit up to a ceiling of €200 million.
Iran has been seeking more foreign private capital in reinsurance after the Iranian government announced plans to divest 14% of its shares in Amin Re at the beginning of 2017.