of underwriting new business in Iran," David Chadwick of law firm Mayer Brown said.
"Even if it becomes lawful to underwrite certain business, reinsurers might still opt not to, since there remains the prospect that sanctions that had been eased might be reapplied or even strengthened in the event that Iran fails to deliver on its side of the bargain."
Neil Roberts, a senior executive at the Lloyd's Market Association that represents underwriters in the Lloyd's of London insurance market, said underwriters and brokers would need to make sure they understood the parameters of changes.
"It will take some time to implement even this limited unravelling as there is such a complex regime in place that it will need to be unpicked very carefully," he said.
"Underwriters will take the normal cautious approach to these issues, because they are so complex. To the extent that trade touches on Iran, people will have to be very careful."