Chubb Backing Trump’s $20 Billion Reinsurance Plan for Hormuz
Cargo ships and tankers are seen in the Strait of Hormuz on Feb. 25.
Photographer: Giuseppe Cacace/AFP/Getty Images
Chubb Ltd. is partnering with the US International Development Finance Corp. on a $20 billion reinsurance backstop aimed at reviving shipping in the Strait of Hormuz, a crucial oil route being disrupted by the US and Israeli war with Iran.
The firm will underwrite and issue policies for eligible vessels, the DFC said in a statement Wednesday, as part of the Trump administration’s new initiative to offer maritime reinsurance. While Chubb is the lead partner, other participating insurers could be announced in coming days.