Lloyd's has announced a new market consortium to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz, reports Lloyd's of London.

Chubb will act as the lead underwriter, supported by Lloyd's syndicates and specialist partners. The consortium will issue primary policies and provide up to US$200 million of capacity each for hull and P&I risks, plus another $200 million for cargo.

Chubb chief executive Evan Greenberg stated that the consortium offers brokers and clients a simple and efficient solution as ships begin moving through the strait. He added that the initiative highlights the industry's role in supporting global commerce.

Lloyd's chief executive Patrick Tiernan remarked that the consortium increases the depth of solutions available to brokers and clients in a complex Middle East environment. He emphasized that Lloyd's will work closely with Chubb and syndicates to mobilize specialist capacity swiftly.

The consortium is expected to be available from 19 June, subject to underwriting criteria, sanctions screening, and regulatory requirements. Coverage will be accessed through brokers and will remain subject to individual risk assessment and policy terms.

Marine war risk insurance provides coverage for war, terrorism, piracy, and related perils affecting vessels and cargo, subject to policy conditions. Lloyd's stated that the launch demonstrates its role in bringing together underwriting expertise and global capacity to support marine supply chain resilience.