Chubb Limited has been named the lead insurer for a $20 billion Maritime Reinsurance Plan backed by the U.S. International Development Finance Corporation (DFC). The program is designed to restore commercial shipping through the Strait of Hormuz, a chokepoint that handles roughly 20% of global oil flows and has been disrupted by the ongoing Iran‑Israel conflict.
The partnership places Chubb at the center of a high‑risk, high‑value underwriting opportunity. Chubb will underwrite policies covering hull, machinery, and cargo for vessels that meet eligibility criteria, while other American insurers will provide reinsurance behind Chubb and alongside DFC. The plan is a response to the escalation of hostilities that began with Israeli‑U.S. strikes on Iran on February 28, 2026, and the subsequent halt of shipping and withdrawal of war‑risk coverage by private insurers on March 5.
Chubb’s recent financial performance underscores its capacity to take on the program. In 2025, the company reported record property‑and‑casualty underwriting income of $6.53 billion, a 11.6% increase over 2024, and a combined ratio of 85.7%. In Q4 2025, Chubb achieved a record low combined ratio of 81.2%, demonstrating strong underwriting discipline and capital strength.
"Chubb is proud to lead and manage this program in partnership with the United States Government and the U.S. International Development Finance Corporation. The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows," said Evan Greenberg, Chairman and CEO of Chubb.
"DFC is pleased to partner with Chubb, one of the world’s leading insurance companies, to help get energy and trade flowing again through the Strait of Hormuz. DFC’s Maritime Reinsurance plan combines Chubb’s premier underwriting expertise with the financial commitment of the U.S. Government. With today’s announcement, we are one step closer to restoring market confidence and resuming energy and commercial trade disrupted by the conflict with Iran," added Ben Black, CEO of DFC.
The initiative is a strategic move for Chubb, expanding its global reinsurance footprint and reinforcing its position as a leading insurer capable of servicing large‑scale, high‑risk insurance needs. By filling the coverage gap left by private insurers, the program is expected to enhance Chubb’s revenue mix and demonstrate its ability to manage complex geopolitical exposures in a critical maritime corridor.
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