The U.S. International Development Finance Corporation (DFC) has revealed that Chubb will serve as the lead partner of its US$20 billion maritime reinsurance program aimed at restoring commercial shipping in the Gulf and helping restart energy and trade flows in the Strait of Hormuz.
The DFC reinsurance facility announced earlier this week will provide coverage for rolling losses of up to approximately $20 billion.
As we reported at the time, this rotating insurance product is only available to ships that meet the eligibility criteria, with coverage focusing initially on hull and machinery as well as cargo.
DFC has since appointed Chubb Insurance (Chubb), a global leader in property and casualty insurance, including political risk and marine insurance, as lead underwriter to issue policies on eligible vessels.
“DFC and Chubb have jointly identified several U.S. insurance companies to provide reinsurance policies to Chubb and work with DFC to expand market capacity. Additional reinsurance partners may be announced in the coming days,” DFC said.
Ben Black, CEO of DFC, commented: “DFC is delighted to be working with Chubb, one of the world’s leading insurance companies, to help energy and trade flow through the Strait of Hormuz once again.
“DFC’s marine reinsurance program combines Chubb’s best-in-class 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.”
“Chubb is honored to lead and manage this project in partnership with the U.S. Government and the U.S. International Development Finance Corporation,” said Chubb Chairman and CEO Evan Greenberg. “Commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing insurance protection for vessels is critical to restoring the flow of trade.”
In its full-year 2025 results, Chubb reported record property and casualty underwriting revenue of $6.53 billion, up 11.6% from 2024, and a record low combined ratio of 85.7%.
At the time, Greenberg praised 2025 as a great year and emphasized the huge contribution of the company’s operations.
In related news, leaders of global insurance and reinsurance brokerage group Aon recently shared their observations and perspectives on numerous insurance businesses as conflict in the Middle East continues, with Aon Venture Capital CEO Joe Peiser highlighting that the most significant risk for many organizations is disruption to supply chains, logistics routes and underwriting structures.
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