Evan Greenberg, chairman and chief executive of Chubb, has added fresh detail on the United States‑backed Gulf shipping insurance facility, confirming that the programme is built around future US naval convoys through the region.

Speaking on the group’s first-quarter earnings call, Mr Greenberg said Washington had approached Chubb to design the facility to help reopen trade routes when the US decides they are safe for military escort.

“The government wanted to support shipping through the Gulf and open up when they think that the risk environment is such that they can support with military convoys,” he said, adding that this “has yet to occur”.

He added that purchasing cover from the Chubb‑led facility will be required to join any such US‑run convoy.

Mr Greenberg also disclosed the risk split between the private market and Washington: US insurers, led by Chubb, will assume 50 per cent of the exposure, with the remaining half taken by an arm of the federal government. The facility will only begin to generate premium once the convoys are active.

“We have done it, number one, to support our country and to support our military. Number two, to support the global commons and the economy,” Mr Greenberg said.

Bermudian‑linked Chubb was named lead underwriter for the US International Development Finance Corporation’s $20 billion Gulf war‑risk initiative in March, providing war hull, property and indemnity and cargo cover alongside a consortium of US reinsurers.