Lloyd’s of London and Chubb have launched a $400 million marine war-risk insurance facility to help vessels and cargo safely resume transit through the Strait of Hormuz following a preliminary U.S.-Iran peace agreement.

The world's largest insurance marketplace is set to break the Strait of Hormuz logjam with a new $400m (£316m) war-risk facility.

The reopening of the Strait of Hormuz marks a major step forward for the U.S.-Iran agreement, but shipping companies, insurers, and oil markets remain cautious as unresolved…

Lloyd’s of London and Chubb have launched a $400 million marine war-risk insurance facility to help vessels and cargo safely resume transit through the Strait of Hormuz following…