An oil embargo imposed by the European Union in July and other measures that have included cutting Iran off from international financial-settlement mechanisms and maritime insurance are hurting hard.

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"The issue is not the money, " says Neil MacNaughton, managing director for maritime coverage at insurance broker Willis Group.

FORBES

Maritime risk consultants Haymarket said the introduction of armed guards would save the British shipping and insurance industries millions of pounds.

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Unfortunately for its new shareholders, chairman Jacques Friedmann was a longtime civil servant who knew little about the insurance business -- before uap he had run state-owned Air France and Compagnie Gnrale Maritime.

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