Chubb partners with US agency on $20 billion reinsurance plan for Strait shipping
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Chubb is collaborating with the US International Development Finance Corp. on a $20 billion maritime reinsurance program for vessels in the Strait of Hormuz. This initiative aims to support shipping through the region, which has been disrupted due to rising tensions following the US-Israel conflict with Iran. Chubb will underwrite policies for qualifying vessels, with the goal of restoring confidence in trade flows. The Strait is crucial for global oil shipments, and the program seeks to mitigate risks and encourage the resumption of commercial activities.
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