We are pleased to share we have renewed our Ukraine War Risks Reinsurance Facility for another year, with the maximum line per risk increasing from $50m to $100m.

More than $100m of cover has already been placed for the benefit of businesses operating in Ukraine, allowing vital industries such as energy production, manufacturing, warehousing, food and battery energy storage, to access the cover they need. 

The facility is designed to support local Ukrainian cedants, including ARX, the insurer we first collaborated with, by providing the reinsurance capacity needed to protect commercial property in the region against war related risks faced by their clients.

The increase in capacity reflects a marked expansion in carrier participation, which has more than doubled and now stands at 14 insurers, including Aegis London, Atrium, AXIS, Liberty Specialty Markets, The Fidelis Partnership, and Westfield Specialty International.

Participating carriers have committed $250m in the aggregate for the next 12 months, reflecting the significant expansion in per risk and aggregate capacity available for Ukrainian clients.

The facility supports Ukrainian businesses during the current conflict and aids the economic recovery afterwards.  The renewal of the facility has been designed to accommodate future investments, which may require larger limits, that are anticipated during Ukraine’s reconstruction.

Chris Stevenson, Head of Property, Casualty, and Construction at McGill and Partners said: “This is the only facility in the market that offers these kinds of limits at this scale, and we’re committed to ensuring it continues to provide meaningful support to businesses operating in such difficult circumstances. We’re pleased to be able to increase the limits and provide access to critical cover to support Ukrainian businesses as they navigate the devastating effects of war and look to rebuild in the future.”