Chubb Named Lead Insurer for US Plan to Protect Oil Tankers in Strait of Hormuz, Shares Fall

Several days after announcing a $20 billion backstop aimed at encouraging private insurers to underwrite ships passing through the Strait of Hormuz amid the Iran war, the U.S. announced Wednesday that Chubb has signed up to be the lead insurer for the program. Chubb “will act as the lead underwriter issuing policies for eligible vessels.” Meanwhile the U.S. Development Finance Corporation, which supports the government’s international development efforts, will continue to reinsure the program while working to bring on other partners “in the coming days,” the DFC said.