Gate News update: On April 3, the United States will double its commitment—offering reinsurance (a risk-sharing mechanism in which an insurer provides coverage for other insurers) to vessels transiting the Strait of Hormuz—to $40 billion and will introduce new reinsurance partners, including American International Group and Berkshire Hathaway. Last month, the U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program. Today, the agency said that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA, along with Chubb Insurance, will provide an additional $20 billion in reinsurance support for its marine facilities. In a statement, DFC CEO Ben Black said: “These leading U.S. insurers bring deep underwriting experience in marine and marine war insurance, strengthening our efforts to restore confidence in maritime trade.” The agency also said it will jointly with its insurance partners determine which vessels qualify for reinsurance. To be eligible, applicants must provide details such as the vessel’s origin and destination ports, the primary beneficial owners and their locations, the cargo owners and their locations, as well as information about the lenders that provide financing for the vessel, among other items.
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