TechFlow News, April 3: According to JINSHI Data, the United States has doubled its reinsurance guarantee commitment for vessels willing to transit the Strait of Hormuz to $40 billion and added new insurance partners, including American International Group (AIG) and Berkshire Hathaway. Last month, the U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program. Today, the DFC stated that Travelers Insurance, Liberty Mutual, Berkshire Hathaway, AIG, Starr, and CNA will join Chubb Insurance in providing an additional $20 billion in reinsurance support for its maritime infrastructure. In a statement, DFC CEO Ben Black said: “These leading U.S. insurers bring deep underwriting expertise in marine and maritime war insurance, strengthening our efforts to restore confidence in seaborne trade.” The agency also noted it will jointly determine with its insurance partners which vessels qualify for reinsurance coverage. To qualify, applicants must provide information including the vessel’s port of origin and destination, the primary beneficial owner and their location, the cargo owner and their location, and the lender financing the vessel.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / support@techflowpost.com ICP License: 琼ICP备2022009338号
