Chubb and a group of other insurers have announced that they would be providing an additional capacity of $20bn for the US International Development Finance Corporation's Maritime Reinsurance facility, bringing the facility's total insurance support to $40bn.
Chubb was named the lead underwriter in March 2026 for the DFC's $20bn facility to insure ships traveling through the Strait of Hormuz.
Besides Chubb, the other insurers that are participating in providing the additional capacity, include Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CAN.
The plan intends to "help restore maritime trade through the Strait of Hormuz, stabilise international commerce and support American and allied businesses operating in the Middle East during the conflict with Iran," the DFC said.
Chubb will manage the facility, determine pricing and terms, assume risk, issue policies and manage all claims.
Details of DFC’s Maritime Reinsurance plan include the following:
• DFC reinsurance facility will insure losses up to approximately $20bn on a rolling basis.
• This revolving insurance offering will apply only to vessels that meet eligibility criteria.
• Insurance will focus on war marine risk insurance for hull & liability as well as cargo. Coverage will be offered for war hull risk insurance, for war P&I insurance and war cargo insurance.
The offering will apply to vessels that meet eligibility criteria provided by the US Government. This insurance will be available to ships transiting the Strait of Hormuz and only under certain conditions.