Chubb will operate as the lead underwriter in a new Lloyd’s market consortium that includes Lloyd’s syndicates and specialist market partners. It has been established to offer additional marine war risk insurance capacity for vessels and cargo passing through the Strait of Hormuz.

The consortium will provide up to $200m of capacity separately for hull and protection and indemnity risks, with an additional $200m of dedicated cargo capacity.

Lloyd’s believes the new consortium demonstrates the market’s ability to corral underwriting expertise, claims handling skills and capacity to support global supply chains.

Evan Greenberg, CEO of Chubb, said: “As a global leader, Chubb is actively working to provide coverage and organise needed capacity as vessels begin moving through the Strait of Hormuz. 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.”

Patrick Tiernan, chief executive of Lloyd’s, added: “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.

“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.”