Lloyd's has launched a new market consortium, with Chubb acting as the lead underwriter and supported by multiple Lloyd's syndicates and specialist partners. The initiative aims to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz.

According to an official Lloyd's announcement, the consortium will issue master policies for hull and cargo. It will offer up to $200 million in capacity for hull and protection and indemnity insurance respectively, alongside an additional $200 million in dedicated cargo war risk capacity. The facility opened to brokers and clients on June 19, 2026, with participation subject to underwriting criteria, sanctions screening, and relevant regulatory requirements.

This is not the first time Chubb has taken a lead role in insuring this strategic waterway. Earlier this year, the insurer was mandated by the US government to administer the multi-billion-dollar "Gulf Marine Insurance Facility," backed by the US International Development Finance Corporation.

Lloyd's Chief Executive Officer Patrick Tiernan stated: "Against the backdrop of a complex and evolving situation in the Middle East, this consortium will provide brokers and clients with a richer and deeper set of solutions. Lloyd's will work closely with Chubb and the participating syndicates to mobilise additional specialist underwriting capacity swiftly and responsibly, providing cover for vessels, crew, and cargo transiting the Strait of Hormuz."

The launch of the consortium comes at a critical juncture for regional stability. Persistent geopolitical tensions in the Strait of Hormuz and the surrounding region are once again heightening maritime security uncertainty, affecting both underwriting appetite and driving market demand for specialist war risk capacity.