The United States has doubled the reinsurance scale for the Strait of Hormuz to 40 billion dollars

According to Jinshi, the United States has doubled its commitment to provide reinsurance guarantees for vessels willing to transit the Strait of Hormuz to $40 billion and has introduced new insurance partners including American International Group and Berkshire Hathaway.

The U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program last month. The agency stated today that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA will provide an additional $20 billion in reinsurance support for its maritime facilities alongside Chubb Insurance.

DFC CEO Ben Black stated in a statement, "These leading U.S. insurance companies bring deep expertise in marine and war risk underwriting, enhancing our efforts to restore confidence in maritime trade."

The agency also stated that it will work with insurance partners to determine which vessels qualify for reinsurance. To qualify, applicants must provide information including the vessel's port of origin and destination, the primary beneficial owners and their locations, the cargo owners and their locations, as well as information about the lenders providing financing for the vessel.