Chubb-led maritime reinsurance facility expands to $40bn

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The United States International Development Finance Corporation (DFC) and Chubb have expanded their maritime reinsurance facility to $40 billion, with the addition of six new American insurance partners. This initiative, designed to restore maritime trade through the Strait of Hormuz, now includes Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CNA. Chubb will act as the lead underwriter, managing the facility, determining pricing, assuming risk, issuing policies, and handling claims for eligible vessels and cargo.

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