DFC Announces Chubb as Lead Insurance Partner for Maritime Reinsurance Plan

The U.S. International Development Finance Corporation (DFC) announced that Chubb will serve as the lead partner for DFC’s $20 billion Maritime Reinsurance plan designed to resume commercial shipping in the Gulf.

Chubb, a global leader in Property & Casualty insurance, including Political Risk and Maritime insurance, will act as the lead underwriter issuing policies for eligible vessels. Together, DFC and Chubb have identified several American insurance companies to provide reinsurance policies behind Chubb and alongside DFC to expand market capacity.

Additional reinsurance partners may be announced in the coming days.

“DFC is pleased to partner with Chubb, one of the world’s leading insurance companies, to help get energy and trade flowing again through the Strait of Hormuz. DFC’s Maritime Reinsurance plan combines Chubb’s premier underwriting expertise with the financial commitment of the U.S. Government. With today’s announcement, we are one step closer to restoring market confidence and resuming energy and commercial trade disrupted by the conflict with Iran,” said DFC CEO Ben Black .

“Chubb is proud to lead and manage this program in partnership with the United States Government and the U.S. International Development Finance Corporation. The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows,” said Evan Greenberg, Chairman and CEO of Chubb.

Chubb, a NYSE listed company, is the world’s largest publicly traded Property & Casualty insurer and is a best-in-class provider of Political Risk and Maritime insurance. The company has decades of experience serving multinational corporations, energy companies, and global shipping operators worldwide.

Maritime Reinsurance details:  

• DFC reinsurance facility will insure losses up to approximately $20 billion on a rolling basis.  
• This revolving insurance offering will apply only to vessels that meet eligibility criteria.  
• Insurance will focus on Hull & Machinery and Cargo to start.  
• DFC has identified best-in-class, preferred American insurance partners, and named Chubb, an American-listed company, as lead underwriter.

DFC will continue to provide additional information as it becomes available. Businesses and financial institutions seeking access to DFC’s Maritime Reinsurance product should contact DFC directly at maritime@dfc.gov.