In his Friday visit, the President of Bimeh Markazi Iran (Central Insurance of IR Iran) had a fruitful meeting with the Chief Executive Officer of Lloyd's of London, after 12 years of detachment. Dating back to the era where Lloyd’s played a dynamic role as an aviation reinsurer in Iranian insurance industry before sanctions, Dr. Hemmati highly emphasized the inevitability of Lloyd’s contribution in reinsurance and important risks concerning developmental plans for economics and the expansion of national insurance market.
Ms. Beale, on the other side, expressed optimism by referring to the history of mutual cooperation between Lloyd’s and Iranian market and asserting the enthusiasm of Lloyd’s insurance syndicates for investigating the prospects of Iranian industry. In view of that, Lloyd’s CEO accepted Dr. Hemmati’s request to form a committee in order to explore the potentials of working more closely with the Iranian insurance market through free trade zones in near future. Officials from Lloyd’s have been invited to Tehran, early 2017, to take discussions forward.
From those beginnings in a coffee house in 1688, Lloyd’s has been a pioneer in insurance and has grown over 325 years to become the world’s leading market for specialist insurance. Its unique insurance market has an unrivaled concentration of specialist underwriting expertise and every day, more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local cover-holders operate in and bring business to the Lloyd’s market.
Lloyd’s reported £1.46 billion profit for the first half of 2016 and its financial ratings remain extremely strong with Fitch (AA-), A.M. Best (A) and Standard & Poor’s (A+).
In 2015, Lloyd’s made a profit of £2.122 billion, with £26.690 billion gross written premium, and approximately £25 billion capital, reserves, subordinated debt and securities.