The United States has doubled its commitment to providing reinsurance guarantees for ships transiting the Strait of Hormuz to $40 billion, with new partners joining in the insurance sector, including AIG and Berkshire Hathaway. The U.S. International Development Finance Corporation (DFC) had announced a $20 billion reinsurance program last month, before revealing on Friday that companies like Travelers, Liberty Mutual, Berkshire Hathaway, AIG, and Star had joined. This step, announced on Friday, is part of Washington's efforts to calm concerns about the vital waterway and encourage the return of shipping traffic, despite Iranian attacks on ships and the closure of the strait.
