NU Online News Service, Feb.19, 1:00 p.m. EST
As the German government announced it favors more international sanctions against Iran, Munich Re said it would become the second German reinsurer to stop writing business there and will not renew existing coverage.
The company's statement follows yesterday's announcement by Allianz that it has stopped doing business in Iran.
Munich Re, which reported it had EUR41.4 billion ($56 billion) in gross premiums written, said in a statement its decision "will have an impact on Munich Re's premium volume of around EUR10 million ($13.5 million)," mainly from property reinsurance.
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