A new Lloyd's market consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz was launched last week.
Chubb will serve as lead underwriter, supported by participating Lloyd’s syndicates and specialist market partners. The consortium brings together leading underwriting expertise with additional Lloyd’s market capacity to support brokers and clients operating in a complex and fast-moving environment.
The new marine war risk consortium will issue primary policies for vessels and cargo. It will provide up to $200m of capacity separately for hull and P&I risks, with an additional $200m of dedicated cargo capacity.
Mr Evan Greenberg, CEO of Chubb, said, “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.”
Mr 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.”