Insurers Roll Out $400 Million War-Risk Facility for Hormuz Shipping

AI Summary

Lloyd’s of London has launched a $400 million war-risk insurance facility to help alleviate shipping risks in the Strait of Hormuz. Led by insurer Chubb, the consortium is designed to support marine war risk insurance capacity for vessels and cargo transiting this strategic shipping lane.

The world’s largest insurance marketplace is set to break the Strait of Hormuz logjam with a new $400m (£316m) war-risk facility. Lloyd’s of London has launched a new market consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz. Insurer Chubb will serve as lead underwriter, supported by participating Lloyd’s syndicates and specialist market partners, to bring together underwriting expertise with additional Lloyd’s market capacity to “support…