Aon, Lloyd’s and Vienna Insurance Group (VIG) are to provide (re)insurance capacity to bolster Ukraine’s economic resilience and support the country’s recovery and reconstruction.
The move comes in the same week that Marsh has proposed the establishment of a what would effectively be a war risks pool to insure the current reconstruction plan for the country, which is being discussed at the Ukraine Recovery Conference in London.
As part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to supplementary foreign (re)insurance capacity to support both international and domestic companies operating in Ukraine with manufacturing and construction risk exposure, excluding war cover.
As a first step in delivering this commitment, Aon and Lloyd’s have joined forces with one of the largest insurers operating in Ukraine, VIG, to provide both treaty and facultative (re)insurance that will allow increased capacity for their local and international clients requiring cover for manufacturing and construction activities.
John Neal, CEO of Lloyd’s said: “Lloyd’s is committed to supporting the reconstruction of Ukraine through this new collaboration with Aon and VIG. By ensuring the country’s insurance market has the necessary capital to lead on insurance solutions for its customers, backed by the financial might of the international (re)insurance industry, we can help strengthen Ukraine’s economic resilience as it recovers and rebuilds.”
Dominic Christian, global chairman of Reinsurance Solutions at Aon added: “This unique commitment from Lloyd’s, VIG and Aon brings together the insurance industry’s proven expertise in innovative risk management and capital solutions, and so with urgency and energy we will help to restore social well-being to citizens, communities and corporations in Ukraine.”
Peter Höfinger, member of VIG Managing Board commented: “The Central and Eastern European region is our home market and we have been present in Ukraine since 2004. In line with our clearly pursued long-term strategy in our markets, we see it as our moral commitment to support Ukrainian companies in the reconstruction process. With this partnership, we are pleased to be able to use the international capacities of Lloyd’s and Aon and to provide our local expertise in the Ukrainian insurance business.”