Lloyd’s to send directors to Iran for talks: report

Following a visit by Abdolnaser Hemmati, President & Head of the High Council of Insurance of Bimeh Markazi Iran (Central Insurance of IR Iran) last week, during which he met Inga Beale, CEO of Lloyd’s, Mehr News reports that Lloyd’s will send two directors to start negotiations with BMI.

Beale’s meeting with Hemmati was the first instance of official talks in 12 years.

During Friday’s meeting, Hemmati noted the activities of Lloyd’s in the Iranian insurance market before the imposition of international sanctions. He said, “given Iran’s economic development plan and expansion of the country’s insurance industry, the presence of Lloyd’s of London in reinsurance coverage and Iran’s key risks holds great significance.” Beale pointed to previous activities of Lloyd’s in Iran’s market and stressed the willingness of its 110 syndicates to establish a presence there.