Svmuu News The United States has doubled its commitment to provide reinsurance guarantees for vessels willing to transit 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 program last month. The agency stated today that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA will join Chubb Insurance in providing an additional $20 billion in reinsurance support for its maritime facilities.
In a statement, DFC CEO Ben Black said, "These leading U.S. insurers bring deep underwriting expertise in marine and war risk insurance, enhancing our efforts to restore confidence in maritime trade." The agency also stated that it will work with its insurance partners to determine which vessels qualify for reinsurance. To be eligible, applicants must provide information including the vessel's origin and destination, the primary beneficial owner and their location, the cargo owner and their location, and details of the lender financing the vessel. (Jin10)