Lloyd’s has launched a new market consortium with Chubb as lead underwriter, supported by participating Lloyd’s syndicates and specialist partners, to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz.
According to an official announcement from Lloyd’s, the consortium brings together leading underwriting expertise and additional market capacity to support brokers and clients operating in a complex and shifting environment.
It will issue primary policies for vessels and cargo and provide up to $200 million of capacity separately for hull and P&I risks, plus a further $200 million of dedicated cargo capacity.
The consortium is expected to be available to brokers and clients from 19 June 2026, subject to underwriting criteria, sanctions screening and applicable regulatory requirements.
Lloyd’s explained that cover will be arranged through brokers as usual, subject to individual risk assessment, policy terms and exclusions, and will remain subject to all applicable sanctions, export controls, and legal or regulatory restrictions.
Evan Greenberg, CEO of Chubb, commented, “As a global leader, Chubb is actively working to provide coverage and organise needed capacity as vessels begin moving through the Strait of Hormuz.
“We are proud to lead this consortium, which provides our brokers and clients with a simple, efficient solution to their insurance needs while highlighting the importance our industry plays in supporting global commerce.”
This is not the first time Chubb has taken the lead on securing this vital waterway; earlier this year, the insurer was also tapped by the US government to manage the massive, multi-billion-dollar Gulf Maritime Insurance Facility backed by the DFC.
Patrick Tiernan, Chief Executive of Lloyd’s, said, “We welcome the launch of this new marine war risk consortium, which will increase the depth and breadth of solutions available to brokers and clients as they respond to a complex and evolving situation in the Middle East.
“Lloyd’s will work closely with Chubb and participating syndicates to help mobilise additional specialist capacity swiftly and responsibly in support of ships, crews and cargo moving through the Strait of Hormuz.
“This is a clear example of the Lloyd’s market’s role in bringing together specialist underwriting expertise, claims capability and global market capacity to support the resilience of marine supply chains.”
The consortium is being launched at a pivotal moment for regional stability, with heightened geopolitical tensions and renewed uncertainty over maritime security in and around the Strait of Hormuz shaping both underwriting appetite and demand for specialist war risk capacity.
On Wednesday, June 17, 2026, US President Donald Trump and Iranian President Masoud Pezeshkian signed a 14-point Memorandum of Understanding, putting into immediate effect a temporary framework aimed at halting active hostilities and establishing a 60-day window to negotiate a broader peace settlement.
President Trump signed a hard copy of the document at the Palace of Versailles in France during the G7 summit, while President Pezeshkian signed a Farsi-language version remotely from Tehran.
Technical-level implementation talks, which were expected to include US Vice President JD Vance, had been scheduled to begin today, June 19, at the Bürgenstock resort near Lake Lucerne, Switzerland.
However, the White House announced that Vice President Vance delayed his travel, noting that preparations and delegation logistics had not been finalised. Switzerland’s foreign ministry later confirmed that the planned Bürgenstock meetings would not go ahead as scheduled.
The ministry described the talks as “postponed,” noting that preparatory work continues and the venue remains available for future discussions.
The delay comes amid unresolved technical logistics, regional volatility, including intense military strikes in southern Lebanon, and a statement from Iranian negotiators that they would not travel until initial terms are actively implemented.
