Lloyd’s has formed a new market alliance, with Chubb as lead underwriter and supported by participating Lloyd’s syndicates and specialist partners, to provide additional maritime war risk insurance capacity for ships and cargo transiting the Strait of Hormuz.
According to an official announcement from Lloyd’s, the alliance brings together leading underwriting expertise and additional market capabilities to support brokers and clients operating in a complex and changing environment.
It will issue primary policies for ships and cargo and provide up to $200 million of capacity each for hull and P&I risks, plus an additional $200 million of dedicated cargo capacity.
The alliance is expected to be open to brokers and clients from June 19, 2026, subject to underwriting standards, sanctions screening and applicable regulatory requirements.
Lloyd’s explained that insurance will be arranged through brokers as usual, subject to individual risk assessments, policy terms and exclusions, and will continue to be subject to all applicable sanctions, export controls and legal or regulatory restrictions.
Evan Greenberg, CEO of Chubb, commented: “As a global leader, Chubb is working proactively to provide coverage and organize the required capacity as ships begin to transit the Strait of Hormuz.
“We are proud to lead this alliance that provides our brokers and clients with simple, efficient solutions for their insurance needs while underscoring the importance our industry plays in supporting commerce around the world.”
This isn’t the first time Chubb has taken the lead in protecting the safety of this important waterway. Earlier this year, the U.S. government also tasked the insurer with managing the large, multi-billion-dollar Gulf Marine Insurance Fund backed by DFC.
Patrick Tiernan, chief executive of Lloyd’s, said: “We welcome the launch of this new maritime war risk alliance, which will increase the depth and breadth of solutions available to brokers and clients as they navigate the complex and dynamic landscape of the Middle East.
“Lloyd’s will work closely with Chubb and the participating consortiums to help mobilize additional specialist capabilities quickly and responsibly to support ships, crews and cargo moving through the Strait of Hormuz.
“This is a clear example of the role that Lloyd’s markets play in bringing together specialist underwriting expertise, claims capabilities and global market capacity to support maritime supply chain resilience.”
The consortium was formed at a critical time for regional stability, with heightened geopolitical tensions and uncertainty over maritime security in and around the Strait of Hormuz again impacting underwriting interest and demand for specialist war risk capabilities.
On Wednesday, June 17, 2026, U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a 14-point memorandum of understanding, bringing into effect immediately a temporary framework aimed at a cessation of 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, and President Pezeshkian signed the Farsi version remotely from Tehran.
Implementation talks at the technical level were due to begin today (June 19) at the Bürgenstock resort near Lake Lucerne in Switzerland, with US Vice President JD Vance also expected to attend.
However, the White House announced that Vice President Vance had postponed the trip, noting that preparations and delegation logistics had not yet been completed. The Swiss Foreign Ministry later confirmed that the planned Bürgenstock meeting would not go ahead as scheduled.
The ministry described the talks as “postponed” and noted that preparations were continuing and the venue remained available for future discussions.
The delay is due to unresolved technical and logistical issues, regional unrest, including intense military strikes in southern Lebanon, and statements by Iranian negotiators that they will not travel until preliminary terms are actively implemented.
