The US Doubles Down on the Strait of Hormuz Reinsurance to $40 Billion
BlockBeats News, April 3rd, according to Bloomberg, the U.S. has doubled its commitment to provide reinsurance guarantees for vessels willing to pass through the Strait of Hormuz to $40 billion and has brought in new insurance partners including American International Group and Berkshire Hathaway.
The U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance plan last month. The agency today stated that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA, together with Chubb Insurance, will provide an additional $20 billion in reinsurance support for its maritime facilities.
DFC CEO Adam Boehler stated in a release: "These leading U.S. insurance companies bring deep expertise in maritime and maritime war risk insurance, enhancing our efforts to restore confidence in maritime trade." The agency also stated that it will work with insurance partners to jointly determine which vessels qualify for reinsurance. To be eligible, applicants must provide information including the vessel's departure and destination, the primary beneficiary and their location, the cargo owner and their location, and information about the lender providing financing for the vessel.
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