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In 2017, CalSTRS designated Muenchener Rueck as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Muenchener Rueck after reviewing the company’s business with Iran and internal controls to prevent sanction violations.
“Meanwhile Munich Re has said it would withdraw from Iran in case of sanctions so as not to jeopardise its much larger US activities.” (France 24, "US pressuring German firms 'daily' over Iran sanctions," 9/20/2018).
"The chief executive of reinsurance group Munich Re said it may abandon its Iran business under pressure from the United States, but described the operation as very small." (“China, Germany Defend Iran Business Ties as US Sanctions Grip,” Reuters, August 8, 2018.)
"Germany-based Munich Re, the world's largest reinsurer, will stop reinsurance for ships carrying Iranian oil exports on July 1, a spokeswoman said. 'Munich Re will of course continue to monitor future international developments regarding sanctions against Iran and comply with all applicable sanction regulations,' she said." (The Wall Street Journal, "Japan Seeks Delay to Adjust to Europe's Iran Sanctions," 6/13/12)
"On Thursday, Munich Re AG (MUV2.XE), one of the world's largest reinsurers, said it was suspending its business dealings with Iranian companies.
'Due to the political situation in Iran, Munich Re has decided to not renew existing business or write any new business with insurance companies there. This decision will have an impact on Munich Re's premium volume of around EUR10 million,' annually, the company said in a statement. Its total annual premium volume is around EUR41 billion." (Dow Jones Newswires, "Allianz Suspends Iran Business, Hannover Re Honors Sanctions," 2/19/10)
"U.S. officials are considering targeting big financial firms including Lloyd's of London in a bid to impose tougher sanctions on Iran over its nuclear programme... The White House is keen to concentrate on Iran's dependence on refined oil imports and insurance firms that underwrite the trade...
Mark Dubowitz, of the Foundation for Defence of Democracies policy institute, said: 'The key fulcrum is the insurance and reinsurance companies. 'It's difficult to ship without insurance and reinsurance...' 'If new sanctions were put in place, we would immediately take action to make sure underwriters were compliant.' Other companies which could be targeted include Munich Re." (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09)
"The US and its allies are stepping up efforts to push through sanctions on companies that provide Iran with insurance following last week’s revelation that Tehran is building an undeclared nuclear facility.
The move could affect the business of groups such as Lloyd’s of London and Munich Re, hit Iran’s supply of refined oil and bypass the UN Security Council, where both Russia and China have signalled their misgivings about sweeping new sanctions...
Aipac, the pro-Israeli lobby group, has identified groups such as Lloyd’s and Munich Re as providing services to shipments of refined petroleum to Iran... Munich Re said it would review any new financial and trade sanctions." (Financial Times, "Insurers targeted in Iran sanctions push," 9/28/09)
"We are approaching this issue in the same careful and deliberate manner.” (6/6/2018).
Munich Re AG stated it would not renew existing business with Iran or write any new business with insurance companies there. (February 18, 2010)
Response: "[w]e not only adhere strictly to the respective legal requirements, but also to a wider set of integrity and sustainability criteria." (March 1, 2017)
"Business decisions are made after careful consideration and a thorough evaluation of all circumstances, and in compliance with applicable regulations and sanctions that are in place." August 17, 2017