The U.S. International Development Finance Corporation (DFC) and Chubb have revealed six additional American insurance partners that will provide reinsurance for the DFC’s Maritime Reinsurance plan: Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CNA.
As previously reported, Chubb was named lead partner for the DFC’s $20 billion Maritime Reinsurance Plan in March.
Under the expanded structure, Chubb and the newly announced partners will contribute an additional $20 billion in capacity alongside the existing $20 billion in rolling coverage, increasing the total Maritime Reinsurance facility to $40 billion.
The facility will provide War Marine Risk Insurance for Hull & Liability as well as Cargo. Coverage will be offered for War Hull Risk Insurance, War P&I Insurance, and War Cargo Insurance.
According to the DFC, the initiative is intended to support President Trump’s directive to restore maritime trade through the Strait of Hormuz, stabilise international commerce and support U.S. and allied businesses operating in the Middle East amid the ongoing conflict with Iran.
DFC CEO Ben Black commented, “DFC is proud to welcome Travelers, Liberty Mutual, Berkshire Hathaway, AIG, Starr, and CNA as additional reinsurance partners for our joint $40 billion Maritime Reinsurance plan.
“Along with Chubb, these leading American insurers bring deep underwriting experience in marine and marine war coverage, strengthening our efforts to help restore confidence in maritime trade.”
Chubb CEO Evan Greenberg said, “Chubb is proud to lead and manage this program in partnership with the United States Government through 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.”
Travelers Chairman and CEO Alan Schnitzer added, “Reliable insurance capacity matters most in periods of uncertainty. This public-private partnership brings stability to maritime trade at a critical moment, and we’re pleased to contribute our expertise and financial strength alongside the United States Government through DFC and a strong group of industry partners to support global commerce and U.S. economic interests.”
Liberty Mutual Insurance Chairman, President, and CEO Tim Sweeney noted, “As a market leader in specialty insurance and risk advisory services, we have joined the mobilisation of this facility to help support the restoration of maritime commerce.”
Ajit Jain, Vice Chairman of Berkshire Hathaway-Insurance Operations, observed, “We are very pleased to support Chubb and DFC on this initiative, and we commend all the reinsurers for stepping up to demonstrate how our industry can help to meet important needs as they arise.”
Douglas M. Worman, Chairman and Chief Executive Officer of CNA, said, “This initiative demonstrates how public and private partners can come together to address real‑world risk. CNA is proud to contribute our marine underwriting expertise in collaboration with other industry leaders.”
Eric Andersen, President and CEO-Elect of AIG, commented, “The U.S. Government’s mission of providing critical insurance capacity for vessels operating in the Strait of Hormuz through the DFC is vital to supporting global commerce and stability. AIG is pleased to support this effort with risk solutions that will safeguard the resiliency of this important global trade route.”
