Chubb has been selected as the lead underwriting partner for the U.S. International Development Finance Corporation’s (DFC) $20bn Maritime Reinsurance Plan, a programme designed to restore commercial shipping activity in the Gulf and support the resumption of energy and trade flows through the Strait of Hormuz.
The reinsurance facility will provide coverage for losses of up to $20bn on a rolling basis, offering protection to vessels that meet specific eligibility criteria. Initially, the programme will focus on Hull & Machinery and Cargo insurance.
Under the structure of the initiative, Chubb will issue insurance policies for qualifying vessels. The DFC confirmed that several American insurance companies have been identified to provide reinsurance support behind Chubb and alongside the US government-backed facility, with additional partners expected to be announced.
Ben Black, CEO of the U.S. International Development Finance Corporation, said: “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.”
He added: “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.”
Evan Greenberg, Chairman and CEO of Chubb, commented: “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.”
The announcement follows Chubb’s strong financial performance in 2025, when the insurer reported record P&C underwriting income of $6.53bn, an 11.6% increase year-on-year, alongside a combined ratio of 85.7%, the lowest in the company’s history. Evan Greenberg previously described 2025 as a “great year,” highlighting strong contributions across the firm’s global operations.
