Chubb Backing Trump’s $20 Billion Reinsurance Plan for Hormuz

Chubb Ltd. is partnering with the US International Development Finance Corp. on a $20 billion reinsurance backstop aimed at reviving shipping in the Strait of Hormuz, a crucial oil route being disrupted by the US and Israeli war with Iran.

The firm will underwrite and issue policies for eligible vessels, the DFC said in a statement Wednesday, as part of the Trump administration’s new initiative to offer maritime reinsurance. While Chubb is the lead partner, other participating insurers could be announced in coming days.

“The commerce passing through the Strait of Hormuz plays a vital role in the global ...