The U.S. International Development Finance Corporation (DFC) has appointed Chubb to lead its $20bn maritime reinsurance plan aimed at restoring commercial shipping through the Strait of Hormuz and surrounding Gulf routes.
Under the programme, Chubb will act as lead underwriter, issuing policies for eligible vessels, while a group of American insurers will provide reinsurance alongside DFC to expand market capacity. Additional reinsurance partners are expected to be announced in the coming days.
Ben Black, CEO, U.S. International Development Finance Corporation, said, “DFC is pleased to partner with Chubb, one of the world’s leading insurance companies, to help get energy and trade flowing again through the Strait of Hormuz. DFC’s Maritime Reinsurance plan combines Chubb’s premier underwriting expertise with the financial commitment of the U.S. Government. With today’s announcement, we are one step closer to restoring market confidence and resuming energy and commercial trade disrupted by the conflict with Iran.”
The reinsurance facility will provide cover for losses of up to approximately $20bn on a rolling basis. The scheme will initially focus on Hull & Machinery and Cargo insurance and will apply only to vessels that meet the programme’s eligibility criteria.
Evan Greenberg, Chairman and CEO, Chubb, said, “Chubb is proud to lead and manage this program in partnership with the United States Government and the U.S. International Development Finance Corporation. The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows.”
DFC said it has identified several preferred American insurance partners to provide reinsurance capacity behind Chubb as the lead underwriter. Further details on participating insurers and operational arrangements are expected to be released as the programme develops.
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