A Chubb-backed Lloyd’s marine war risk consortium focusing on vessels and cargo in the Strait of Hormuz has launched.

Chubb is lead underwriter for the consortium, which is supported by Lloyd’s syndicates and specialist market partners.

The consortium will issue primary policies for vessels and cargo. It will provide up to $US200 million ($285 million) of capacity separately for hull and protection and indemnity risks, with an additional $US200 million of dedicated cargo capacity.

Lloyd’s CEO Patrick Tiernan says the consortium will “increase the depth and breadth of solutions available to brokers and clients as they respond to a complex and evolving situation in the Middle East.

“Lloyd’s will work closely with Chubb and participating syndicates to help mobilise additional specialist capacity swiftly and responsibly in support of ships, crews and cargo moving through the Strait of Hormuz.”

From the latest Insurance News magazine: We sit down for a wide-ranging interview with Lloyd's chief Patrick Tiernan