Reinsurance firm TehranRe has been established with capital of around $20m.
The firm said it will offer capacity for the local Reinsurance Market by providing risk assessment tools, ILS, and innovative solutions, according to customer needs. Esmaiel Davarpanah has been appointed as general manager.
According to a presentation from TehranRe, the firm first had an agreement of principle in July last year, with an IPO following in December.
Its board includes Mostafa Nourollahi as chairman; Mohsen Gharahkhani, vice chairman; Davarpanah, who serves as board manager in addition to his role as general manager; Ebrahim Hamidi, board member; and Homayoun Darabi, also a board member. Founder Gharankhani also serves as the firm’s CTO, while Amir Shekarian is the CFO.
There have been several reinsurance firms approved by the national regulators in recent years.
However, there have been question marks over the Iranian re/insurance industry since the US reimposed sanctions on Iran.
But as demand for reinsurance in the country continues to grow, foreign reinsurers not affiliated with the US have continued to work with Iranian firms.
The Central Insurance of Iran, which is the agency in charge of regulating the country’s insurance industry, said that it has received 30 applications for setting up new re/insurance firms.
