Alas it's not that simple.
there is a potential issue for eveyr insurer in the world and pretty much every airline (assuming they don't fly a Chinese or Russian made aircraft) since the OFAC rules say:
All U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S incorporated entities and their foreign branches. In the cases of certain programs, such as those regarding Cuba and North Korea, all foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S. origin goods to comply
US Origin goods, includes Boeing aircraft, GE engines plus anyone with a subsidiary in the USA, such as Rolls Royce, any bank that deals in US$....hence the need to gain OFAC approval even if the insurer involved in EU based and the airline is EU based.