The United States will double the reinsurance capacity for the Strait of Hormuz to $40 billion.

BlockBeats message, April 3, according to Bloomberg, the United States will double its commitment to provide reinsurance collateral for ships willing to transit the Strait of Hormuz, to $40 billion, and introduce new insurance partners, including American International Group and Berkshire Hathaway.

Last month, the U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program. The agency said today that Travelers Insurance, Liberty Mutual Insurance, Berkshire Hathaway, American International Group, Starr, and CNA will team up with Chubb Insurance to provide an additional $20 billion in reinsurance support for its maritime facilities.

In a statement, DFC CEO Ben Block said, “These leading U.S. insurance companies bring deep underwriting experience in marine and marine war insurance, strengthening our efforts to restore confidence in maritime trade.” The agency also said it will jointly with its insurance partners determine which vessels are eligible for reinsurance. To qualify, applicants must provide details including the vessel’s port of origin and destination, the location of the major beneficial owners, the location of the cargo owners, and information about the lenders that provide financing for the vessel.