The nuclear industry is interested in better understanding the behavior of turbulent boiling flowsand in using modern computational tools for the design and analysis of advanced fuels and reactorsand for simulation and study of mitigation strategies in accident scenarios. Such interests serve asdrivers for the advancement of the 3-dimensional multiphase Computational Fluid Dynamicsapproach. A pair of parallel efforts have been underway in Europe and in the United States, theNEPTUNE and CASL programs respectively, that aim at delivering advanced simulation tools thatwill enable improved safety and economy of operations of the reactor fleet. Results from acollaboration between these two efforts, aimed at advancing the understanding of multiphaseclosures for pressurized water reactor (PWR) application, are presented. Particular attention is paidto the assessment and analysis of the different physical models implemented in NEPTUNE_CFDand STAR-CCM+ codes used in the NEPTUNE and the CASL programs respectively, forapplication to turbulent two-phase bubbly flows. The experiments conducted by Liu and Bankoff(Liu, 1989; Liu and Bankoff 1993a and b) are selected for benchmarking, and predictions from thetwo codes are presented for a broad range of flow conditions and with void fractions varyingbetween 0 and 50percent. Comparison of the CFD simulations and experimental measurements revealsthat a similar level of accuracy is achieved in the two codes. The differences in both sets of closuremodels are analyzed, and their capability to capture the main features of the flow over a wide rangeof experimental conditions are discussed. This analysis paves the way for future improvements ofexisting two-fluid models. The benchmarks are further leveraged for a systematic study of thepropagation of model uncertainties. This provides insights into mechanisms that lead to complexinteractions between individual closures (of the different phenomena) in the multiphase CFDapproach. As such, it is seen that the multi-CFD-code approach and the principled uncertaintyquantification approach are both of great value in assessing the limitations and the level of maturityof multiphase hydrodynamic closures.