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)

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.

Background