The United States will double the reinsurance capacity for the Strait of Hormuz to $40 billion.

Deep Tide TechFlow message. On April 3, according to data from Jin Ten, the U.S. has doubled its commitment to provide reinsurance guarantees for ships willing to transit through the Strait of Hormuz, to $40 billion, and has introduced new insurance cooperation partners, including American International Group and Berkshire Hathaway. Last month, the U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program. Today, the agency said that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA, together with Chubb Insurance, will provide an additional $20 billion in reinsurance support for its marine facilities. In a statement, DFC CEO Ben Black said, “These leading U.S. insurance companies bring deep underwriting experience in marine and marine war insurance, strengthening our efforts to restore confidence in seaborne trade.” The agency also said it will jointly with its insurance partners decide which ships qualify for reinsurance. To be eligible, applicants must provide information including the vessel’s port of departure and destination, the primary beneficial owners and their locations, the cargo owner and its location, and the identities of the lenders that provide financing for the vessel, among other details.