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Heath Lambert Ltd., the British insurance broker acquired in 2011 by Arthur J. Gallagher, is holding reinsurance payments the cedent refuses to accept out of fear of violating European Union sanctions imposed on Iran.

In a filing with the Securities & Exchange Commission, AJG says Heath Lambert is holding $14,343.75 it received from Bimeh Iran Insurance Co. under a reinsurance policy it placed on behalf of a U.K. carrier for a marine hull reinsurance contract back in 1998 for a loss that occurred in the same year.

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