Swiss Re rebuts suggestions it is illegally trading with Iran
Lloyd’s has launched an inquiry into whether market insurers are breaching international sanctions by trading with countries such as Iran and North Korea.
The probe began two months ago and a report is due out next year, according to the Sunday Times.
Andy Wragg, a senior market manager with Lloyd’s regulatory team, is leading the probe. The review is not targeting any individual firm but the market as a whole.
Meanwhile, Bloomberg reports that it is the New York-based Financial Services Department that is concerned about procedures at Lloyd’s.
The regulator is particularly concerned about breaches occurring on trade with companies linked to Iran.
Swiss Re, Hannover Re Ltd, XL Insurance Ltd and Assured Guaranty Re Ltd are the other insurers contacted by the Financial Services Department.
However, Swiss Re rebutted any suggestions of sanctions breaches.
“Swiss Re is aware of its legal obligations and has a robust program in place to assure full compliance,” Michael Gawthorne, a spokesman for the Zurich-based company, the world’s second-biggest reinsurer, said in an e-mail. “Any suggestion that Swiss Re is in violation of trade sanction laws against Iran is without merit.”
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