Chubb Says U.S. Hormuz Insurance Backstop Stalled as Military Convoys Fail to Materialize

Washington’s headline-grabbing maritime insurance backstop for the Strait of Hormuz appears stuck on the launchpad.

Comments this week from Chubb Chairman and CEO Evan Greenberg suggest the Trump administration’s much-publicized $40 billion maritime reinsurance facility has not stalled for lack of underwriting capacity, but because the military escort concept at its core has yet to materialize.

Speaking during Chubb’s April 22 earnings call, Greenberg disclosed the federally backed program was designed not as a standalone commercial insurance product, but as part of a U.S.-run convoy system intended to support transits through the Gulf. Chubb was tapped to serve as the lead insurance partner