The Lloyd\u2019s of London market is engaging with the U.S. government\u2019s International Development Finance Corporation over a plan to provide political risk insurance and guarantees for maritime trade in the Gulf, Lloyd\u2019s market officials said on Thursday.<\/p>\n
\u201cLloyd\u2019s is engaging constructively with the U.S. Development Finance Corporation and relevant stakeholders, with a clear focus on ensuring that the Lloyd\u2019s market continues to lead as the global center of excellence for war risk insurance,\u201d a Lloyd\u2019s spokesperson said.<\/p>\n
The Lloyd\u2019s Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd\u2019s market, welcomed the engagement of U.S. President Donald Trump, its CEO Sheila Cameron said separately in a statement on Thursday.<\/p>\n
Read more: Marsh, Aon in Talks With US on Insuring Tankers in Hormuz<\/a><\/p>\n \u201cSince Sunday 1 March, there have been at least 40 transits of vessels through the Strait of Hormuz.<\/p>\n \u201cThere remain approximately 1,000 vessels, approximately half of which are oil and gas tankers, with an aggregate hull value exceeding $25 billion in the Persian\/Arabian Gulf and surrounding waters,\u201d Cameron said, citing data.<\/p>\n Cameron added that the vast majority of these vessels were insured in the London market and insurance \u201ccurrently remains in place.\u201d<\/p>\n Insurance broker Marsh said on Wednesday it had met with U.S. officials to explore solutions for restoring maritime trade.<\/p>\n The U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, Trump said on Tuesday, adding he had ordered the International Development Finance Corporation to provide political risk insurance guarantees for maritime trade in the Gulf.<\/p>\n Earlier this week, London\u2019s marine insurance market widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates.<\/p>\n (Reporting by Jonathan Saul and Lisa Baertlein; editing by Emelia Sithole-Matarise)<\/p>\n Related:<\/p>\n \n Topics Was this article valuable?<\/p>\n \n Yes Here are more articles you may enjoy.<\/p>\n Interested in Excess Surplus?<\/p>\n Get automatic alerts for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"The Lloyd\u2019s of London market is engaging with the U.S. government\u2019s International Development Finance Corporation over a plan…\n","protected":false},"author":2,"featured_media":4993,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[3492,3493,525,2046,2058,2047,39,2048,2049,1080,2051,519],"class_list":{"0":"post-4992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-persian-gulf","8":"tag-lloyds","9":"tag-lloyds-market-association-lma","10":"tag-marine-insurance","11":"tag-marine-war-risks","12":"tag-marsh","13":"tag-oil-tanker-insurance","14":"tag-persian-gulf","15":"tag-protection-and-indemnity-pi","16":"tag-protection-and-indemnity-pi-clubs","17":"tag-us-iran-conflict","18":"tag-war-risks","19":"tag-war-risk-insurance"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116176894849256050","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/4992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=4992"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/4992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/4993"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=4992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=4992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=4992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n USA<\/a>
\n Excess Surplus<\/a>
\n Lloyd’s<\/a>\n <\/p>\n
\n No\n <\/p>\n