US Doubles Hormuz Guarantees to $40 Billion With New Partners

The US is doubling, to $40 billion, its commitment to provide reinsurance guarantees to ships willing to travel through the Strait of Hormuz with the addition of new insurance partners, including AIG and Berkshire Hathaway.

The move announced Friday is the latest US effort to ease worries over the vital waterway and to encourage traffic to resume, despite an effective Iranian blockade and continued hostilities in the five-week war.

The US International Development Finance Corp. last month announced a $20 billion reinsurance program. On Friday, the agency said Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr and CNA will ...