The United States doubled the size of its Strait of Hormuz reinsurance program to $40 billion.

CoinFeed reported on April 3 that the United States has doubled its commitment to provide reinsurance guarantees for ships willing to transit the Strait of Hormuz to $40 billion and introduced new insurance partners, including AIG and Berkshire Hathaway. The U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program last month. The agency said today that Travelers Insurance, Liberty Mutual, Berkshire Hathaway, AIG, Starr, and CNA will join Chubb Insurance to provide an additional $20 billion in reinsurance support for their maritime facilities. DFC CEO Ben Black stated in a press release, “These leading U.S. insurers bring extensive experience in maritime and maritime war insurance underwriting, enhancing our efforts to restore confidence in maritime trade.” The agency also stated that it will work with its insurance partners to determine which vessels are eligible for reinsurance.