France domiciled reinsurer, SCOR, has reached an agreement with Iranian insurer, Mellat Insurance, an affiliation of Bank Mellat, to provide the company with excess of loss reinsurance protection, according to reports.
According to reports on Iranian online publication, Financial Tribune, SCOR will cover catastrophe losses related to Mellat Insurance’s fire policies, natural catastrophe business, and loss of profit and engineering insurance, up to a maximum €200 million (US$235 million).
The news comes just weeks after SCOR announced it had reached an agreement with the Central Insurance of Iran (CII), to provide the region with catastrophe excess of loss reinsurance protection.
The deal between SCOR and the CII was one of the first announced Iranian deals following the removal of international sanctions in 2016, with reinsurance giant Munich Re announcing the first such deal in July of this year.
It’s possible that more and more deals between Iranian companies and global re/insurers will come to fruition in the weeks and months ahead, and the CII announced previously that it has held discussions with over 140 foreign insurers and reinsurers that are eager to enter the Iranian marketplace following the lifting of international sanctions.
