Beazley plans $1B marine war consortium

Beazley Group announced plans to launch a Marine War consortium offering up to $1 billion in Lloyd’s capacity, split evenly between hull war and cargo war coverage.

The facility is aimed at vessels and cargo transiting the Strait of Hormuz, where tensions have raised pressure on marine war insurance demand.

Beazley will lead the consortium, which is backed mainly by Lloyd’s syndicates and other London market participants, with room for additional third party capital. The company said the new capacity is meant to complement existing market support and help keep global trade moving as conditions evolve.