The U.S. International Development Finance Corporation (DFC) has revealed that Chubb will serve as the lead partner for its $20 billion Maritime Reinsurance Plan, aimed at restoring commercial shipping in the Gulf and helping to restart energy and trade flows through the Strait of Hormuz.
DFC’s reinsurance facility, announced earlier this week, will insure losses up to approximately $20 billion on a rolling basis.
As we covered back then, this revolving insurance offering will apply only to vessels that meet eligibility criteria, with insurance focusing on Hull & Machinery and Cargo to start.
DFC has since named Chubb, a global leader in Property & Casualty insurance, including Political Risk and Maritime insurance, as the lead underwriter issuing policies for eligible vessels.
“Together, DFC and Chubb have identified several American insurance companies to provide reinsurance policies behind Chubb and alongside DFC to expand market capacity. Additional reinsurance partners may be announced in the coming days,” DFC said.
DFC CEO Ben Black commented, “DFC is pleased to partner with Chubb, one of the world’s leading insurance companies, to help get energy and trade flowing again through the Strait of Hormuz.
“DFC’s Maritime Reinsurance plan combines Chubb’s premier underwriting expertise with the financial commitment of the U.S. Government. With today’s announcement, we are one step closer to restoring market confidence and resuming energy and commercial trade disrupted by the conflict with Iran.”
Evan Greenberg, Chairman and CEO of Chubb, said, “Chubb is proud to lead and manage this program in partnership with the United States Government and the U.S. International Development Finance Corporation. The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows.”
In its full-year 2025 results, Chubb reported record P&C underwriting income of $6.53 billion, an 11.6% increase over 2024, alongside a record-low combined ratio of 85.7%.
At the time, Greenberg hailed 2025 as a great year, highlighting strong contributions across the firm’s operations.
In related news, leaders at global insurance and reinsurance broking group Aon recently shared their observations and perspectives on numerous lines of insurance business as the conflict in the Middle East continues, with Joe Peiser, CEO of Risk Capital for Aon, highlighting that for many organisations, the most significant exposure is disruption to supply chains, logistics routes, and coverage structures.
