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.
APAC insurers are well positioned to absorb Middle East-related stresses, but insurers in Singapore stand out owing to their position as a major shipping and insurance hub.
Nine in ten executives feel inadequately protected as Munich Re warns agentic AI will amplify attack frequency as the boundary between state-sponsored and criminal threat actors continues to blur.
