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At a Glance A Responsibility Operators Did Not Choose Subsea cables now carry more than 95% of intercontinental data. They underpin the global financial system, the commercial cloud, defense and intelligence communications, and the AI infrastructure being built out at an unprecedented pace. Their importance is recognized, but their protection is not equally structured. Commercial…

At a Glance The Claims Environment Forced the Conversation The Francis Scott Key Bridge collapse did more than produce a market-defining loss. Howden Re’s revised assessment puts insured losses above $2.8 billion, cementing Baltimore as the largest marine insurance loss on record, surpassing the circa $1.6 billion Costa Concordia benchmark from 2012. The revised figure…

At a Glance Operational Overview Hormuz transits remain at approximately 6% of their pre-conflict baseline, and the residual flow is increasingly Iranian-flagged, dark, or hugging Iranian territorial waters. IRGC small-craft counts have moved decisively off the Iranian shore and into the open strait body, with the swarm now positioned within visual range of every commercial…

At a Glance Operational Overview The Hormuz operating environment moved through one of its most consequential five-day windows of the conflict between May 20 and May 24, with Iranian administrative escalation, sustained U.S. enforcement, partial export recovery, and the first publicly announced diplomatic framework all advancing in parallel. Iran’s PGSA extended its claimed zone to…