Three policies have been issued to Hoger Offshore and Marine, Vedanta Sterlite Copper and Balrampur Chini Mills, indicating early uptake by industrial and shipping‑linked corporates.
The facility, which aims to provide coverage of US$500m each for hull war and cargo war, will be backed by Lloyd's syndicates and will remain open to third-party capital.
The plan to reduce approximately US$1bn in North America-focused software private equity stakes comes amid a broader pullback from the asset class by private credit funds and insurers.
GIC Re and New India Assurance are said to be leading the formation of a US$100m marine war-risk pool to cover vessels on high-risk routes in and around the Persian Gulf.
