Hannover Re

Financial Services
Hannover Re

"New York's top financial regulator has expanded a probe into whether reinsurance companies have written policies on international trade with Iran, which could potentially violate new U.S. sanctions. In a letter posted to its website on Wednesday, the state's Department of Financial Services asked reinsurers to explain their dealings with entities and people that have ties to Iran. The department also asked reinsurers to explain procedures in place to ensure compliance with the Iran Freedom and Counter-Proliferation Act of 2012, which took effect on July 1. Twenty reinsurers are getting the letter, including Hannover Re, Lloyd's of London and Swiss Re, a person familiar with the matter said. Those reinsurers were among those contacted last month by the regulator, whose superintendent is Benjamin Lawsky, over their dealings involving Iran… The new law bans financial services companies that do business in the United States, such as insurers and reinsurers, from providing services to companies that trade with Iran. Such a ban can make it harder for shippers to transact with Iran, because they need insurance to protect against the risk of losses on big shipments." (Reuters, "NY Regulator Expands Probe Into Reinsurers' Iran Ties," 7/24/13)


"German reinsurer Hannover Re AG (HNR1.XE) said separately that it conducts a small amount of business in Iran and will only continue to do so if it complies strictly with United Nations and European Union sanctions.

The company said it 'conducts treaty business (proportional and non proportional) and a small amount of facultative business in the Republic of Iran,' without giving figures." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)