Multi-million marine war risk consortium launched to support Strait of Hormuz shipping
Chubb will serve as lead underwriter, supported by participating Lloyd’s syndicates and specialist market partners, on a newly launched consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz.
The consortium will issue primary policies for vessels and cargo.
It will provide up to $200m (£151.2m) of capacity separately for hull as well as protection and indemnity risks, with an additional $200m of dedicated cargo capacity.
RelatedEx-Aviva boss Tiernan named new CEO at Lloyd’sPatrick Tiernan has landed the top job at Lloyd’s being promoted to CEO, the marketplace has confirmed.
Lloyd’s has welcomed the launch stating the consortium brings together “leading underwriting expertise” with
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