New consortium provides up to $400 million in dedicated marine war risk capacity as geopolitical tensions heighten demand for specialist cover
Lloyd’s has launched a new marine war risk insurance consortium led by Chubb, bringing together participating Lloyd’s syndicates and specialist partners to provide additional insurance capacity for vessels and cargo transiting the Strait of Hormuz.
The facility, which became available to brokers and clients on 19 June 2026, has been established to support shipowners, operators and cargo interests navigating one of the world’s most strategically important and politically sensitive maritime corridors.
Under the arrangement, the consortium will offer primary war risk insurance policies for both vessels and cargo, providing up to $200 million of capacity for hull and protection and indemnity (P&I) risks, alongside a further $200 million dedicated to cargo exposures.
The launch comes at a time of heightened geopolitical uncertainty in the Middle East, with maritime security concerns continuing to influence underwriting appetite and demand for specialist marine war risk cover.
According to Lloyd’s, the consortium combines specialist underwriting expertise with additional market capacity, providing brokers and clients with greater access to cover in a rapidly evolving risk environment.
Coverage will continue to be arranged through brokers in the usual manner and remain subject to underwriting criteria, individual risk assessments, sanctions screening requirements and applicable regulatory restrictions.
“As a global leader, Chubb is actively working to provide coverage and organise needed capacity as vessels begin moving through the Strait of Hormuz,” said Evan Greenberg, Chief Executive Officer of Chubb.
“We are proud to lead this consortium, which provides our brokers and clients with a simple, efficient solution to their insurance needs while highlighting the importance our industry plays in supporting global commerce.”
The initiative further strengthens Chubb’s role in providing insurance solutions for critical maritime trade routes. Earlier this year, the insurer was selected by the United States government to manage the Gulf Maritime Insurance Facility, a multi-billion-dollar programme backed by the U.S. International Development Finance Corporation (DFC).
For Lloyd’s, the launch demonstrates the market’s ability to rapidly mobilise specialist expertise and capacity in response to emerging global risks.
“We welcome the launch of this new marine war risk consortium, which will increase the depth and breadth of solutions available to brokers and clients as they respond to a complex and evolving situation in the Middle East,” said Patrick Tiernan, Chief Executive of Lloyd’s.
“Lloyd’s will work closely with Chubb and participating syndicates to help mobilise additional specialist capacity swiftly and responsibly in support of ships, crews and cargo moving through the Strait of Hormuz.
“This is a clear example of the Lloyd’s market’s role in bringing together specialist underwriting expertise, claims capability and global market capacity to support the resilience of marine supply chains.”
The Strait of Hormuz remains one of the most important shipping routes in the world, handling a significant proportion of global oil and liquefied natural gas exports. Any disruption to maritime traffic through the region can have immediate implications for energy markets, international trade and marine insurance pricing.
The consortium’s launch coincides with ongoing diplomatic efforts to reduce tensions between the United States and Iran. Earlier this week, US President Donald Trump and Iranian President Masoud Pezeshkian signed a temporary 14-point memorandum of understanding intended to pause active hostilities and create a 60-day framework for negotiating a broader peace agreement.
However, planned technical implementation talks in Switzerland have since been postponed amid unresolved logistical issues and continuing regional instability, underscoring the uncertainty that continues to shape risk assessments for vessels operating in the region.
Against this backdrop, demand for specialist war risk coverage has increased as shipowners, charterers and cargo interests seek greater protection against potential disruptions and emerging geopolitical threats.
The new Lloyd’s consortium is expected to provide additional market stability and capacity at a time when maritime clients are increasingly focused on securing reliable protection for vessels and cargo operating through high-risk regions. By combining Lloyd’s market expertise with Chubb’s global underwriting capabilities, the facility aims to support international trade flows while strengthening resilience across critical marine supply chains.
