Lates News

The United States has doubled its commitment to provide reinsurance guarantees for vessels willing to pass through the Strait of Hormuz to $40 billion and has introduced 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 stated today that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA, along with Chubb Insurance, will provide an additional $20 billion in reinsurance support for its maritime facilities. DFC CEO Ben Bray stated in a release, "These leading U.S. insurance companies bring deep experience in maritime and maritime war insurance underwriting, enhancing our efforts to restore confidence in maritime trade." The agency also stated that it will work with insurance partners to determine which vessels are eligible for reinsurance. To apply for eligibility, applicants must provide information such as the ship's departure and destination, the main beneficiaries' location and their address, the cargo owner's location and address, and information on the lender providing financing for the vessel.