The United States and its new partner will double the reinsurance guarantee for the Strait of Hormuz to $400 billion.

With the addition of new insurance partners, the United States is doubling its reinsurance guarantees to $40 billion for ships willing to transit through the Strait of Hormuz. The U.S. International Development Finance Corporation announced that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Lloyd's, and CNA will join the ranks of Andar Insurance, providing an additional $20 billion in reinsurance for the organization's maritime financing mechanism.