Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite of London market insurers to conduct Iranian business.
On 16 January, known as "implementation day", the vast majority of Iran-related EU sanctions and US secondary sanctions - those that target the conduct of non-US persons, including London-based insurers...
Paul Jardine has been named CEO of XL Catlin and Catlin Insurance Company UK syndicate, succeeding Andrew McMellin.
Venture Insurance has purchased Poole Martin which will see the company placing premiums of £13m per year.
There has been a 13% reduction in the amount of insurance fraud reported by the industry, according to government statistics.
The Association of British insurers has lost an appeal to government on the judicial review on changes to the discount rate for personal injury damages.