Beazley, the specialty Lloyd’s insurer, has announced its intention to launch a marine war consortium, offering up to $1 billion of Lloyd’s capacity, which comprises $500 million for hull war and $500 million for cargo war.
The consortium, which will be complementary to the existing capacity available in the market, will be led by Beazley and supported by mainly Lloyd’s syndicates and other London company markets. It will continue to develop with additional scalable third-party capital, Beazley said.
The consortium is designed to support the maritime sector with additional war insurance capacity as it deals with a complex and evolving situation in and around the Strait of Hormuz.
The Lloyd’s and London marine war market has to date continued to successfully deliver solutions to enable global trade throughout the ongoing war in Iran, but this additional capacity will ensure that as the situation evolves, the market has the additional insurance support readily available to support the resilience of global supply chains.
“I’m proud that the Marine market, in which we are a leader, continues to play a vital role in maintaining continuity of trade amidst ongoing conflict,” commented Adrian Cox, CEO at Beazley, in a statement.
“This consortium demonstrates the agility of the market to respond to the needs of global supply chains, and I’m pleased that under Beazley’s leadership we have been able to swiftly coalesce our market’s combined expertise to deliver a highly specialist solution that will assist in keeping global trade moving,” Cox continued.
“I welcome the launch of this timely and pragmatic Beazley-led consortium. While insurance continues to be available for ships transiting the region, it is prudent to have facilities in place for changes in demand in the future,” according to Patrick Tiernan, CEO at Lloyd’s.
“The consortium demonstrates the Lloyd’s model at its best: capital and expertise aligning, not only to address immediate pressures, but to anticipate future requirements,” Tiernan added.
The consortium will be offered to vessels and their cargoes whilst transiting the Strait of Hormuz; coverage will be in line with Beazley’s risk appetite and in compliance with all global sanctions.
Source: Beazley
Photograph: A police speed boat patrols the port as oil tankers and high speed crafts sit anchored at Muscat Anchorage near the Strait of Hormuz on March 30, 2026 in Muscat, Oman; photo credit: Elke Scholiers/Getty Images Europe
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