DIFC 003/2022
(1) AIG International Group UK Limited (As Transferee Of AIG Europe Limited) (2) Markel Syndicate Management Limited (3) Talbot Underwriting Limited (4) Berkshire Hathaway International Insurance Ltd (5) Liberty Mutual Insurance Europe SE (6) ANV Corporate Name Limited (7) Arch Insurance (UK) Limited v Qatar Insurance Company (Branch Of A Foreign Company)
Type
Case
Court
Dubai International Financial Centre - Court of First Instance
Jurisdiction
Dubai International Financial Centre, Qatar, United Arab Emirates, Iran, USA
Taxonomy
Reinsurance, Sanctions, Relationship Between Banker & Customer
Decision date
26 Feb 2024
Panel
USTICE LORD ANGUS GLENNIE
Catchwords
Sanctions - Reinsurance -Insurance - Employee Fraud - Bank - Client Company - Iranian Shareholders
This case involved a request by reinsurers who were either US entities or entites owned by a US entity for there to be a ruling they were not liable to pay a claim because it breach US sanctions against Iran. A Qatari insurance company was the beneficiary. They had insured a UAE bank under a policy which protected it from employee fraud. Employees of the bank had committed fraud involving a Hong Kong client company whose shareholders were Iranian.