Insurance broker Aon is withholding reinsurance payments totaling $600,000 on an aviation loss to two Iran insurance carriers due to U.S. sanctions.
In a filing with the Securities and Exchange Commission on Friday, Aon said in 2005 its reinsurance brokerage subsidiary in the United Kingdom placed two reinsurance policies on behalf of Asia Insurance Co. and Central Insurance Iran (Bineh Markazi), both of which are suspected of being directly affiliated with Iran's government.
The primary insurers provided coverage for Mahan Air, an Iranian airline that is on a watch list for the U.S. Treasury Department under what is now known as the Iranian Transactions and Sanctions Regulations.
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