AIG exits Iranian shipping cover inherited from Validus

Insurer AIG is quitting the insurance activities in Iran that it inherited from its $5.56bn takeover of Bermuda-based Validus in July.

Validus had provided cover for shipping companies that transported cargo, including crude oil, to and from Iran, but AIG will cease offering these services, according to an AIG filing on November 2nd.

The cargo also included refined petroleum products imported by sea to Iran.

Meanwhile, Turkish president Tayyip Erdogan said on Tuesday that Turkey would not abide by the renewed US sanctions, saying that they were aimed at “unbalancing the world”. He said that that “we don’t want to live in an imperialist world. These issues will be put on the table at the summit (this weekend) in Paris. We buy 10bn cubic metres of natural gas. We cannot freeze our people in the cold.”