WTW and VUSO Launch London-Backed War Insurance Facility in Ukraine

WTW and Ukrainian insurer VUSO launch a market-first facility covering cargo and war-on-land risks in Ukraine. The facility, backed by Lloyd's syndicate Markel, provides critical coverage for businesses operating within Ukraine's borders.

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Bijay Laxmi
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WTW and VUSO Launch London-Backed War Insurance Facility in Ukraine

WTW and VUSO Launch London-Backed War Insurance Facility in Ukraine

WTW, a leading global advisory, broking, and solutions company, has partnered with Ukrainian insurer VUSO to provide a market, first, facility covering cargo and war-on-land risks in Ukraine. This market-first facility offers much-needed certainty to Ukrainian and foreign enterprises moving goods and products within Ukraine's borders.

Why this matters: This partnership addresses a critical gap in insurance coverage, enabling businesses to operate with greater confidence in a region affected by ongoing conflict. The availability of this facility can have a significant impact on Ukraine's economy, facilitating trade and transportation operations that are essential for the country's rebuilding efforts.

The facility, led by Lloyd's syndicate Markel, is operational immediately and can be accessed via VUSO or WTW Ukraine. Sam Warnes, Director of Marine Cargo at WTW, stated, "This facility complements our other cargo war offerings such as our Black Sea Grain facility and $300m facility offering cover in the Red Sea and other high-risk war areas."

The partnership addresses the complex challenges faced by local insurer partners and provides peace of mind to domestic companies and certainty for international companies supporting Ukraine's rebuilding efforts. Vyacheslav Andriyko, Head of WTW Ukraine, expressed, "We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine's rebuilding efforts."

Andrii Artiukhov, CEO at VUSO, highlighted the importance of this program, stating, "VUSO offers a wide range of insurance products designed specifically to address the unique needs of businesses in providing protection against unforeseen situations, including war risks. This program will allow us to expand the range of offers for our corporate clients to protect their cargo from war risks."

The partnership is a result of a year-long development process, leveraging WTW's global marine team of over 550 marine risk and insurance specialists across more than 55 locations. VUSO, a leading insurance company in the Ukraine market, brings its above-market growth rates, diversified product portfolio, and wide sales network to the collaboration.

Pamela Thompson-Hall, Head of International at WTW, emphasized the significance of this initiative, stating, "At WTW, our purpose is clear, to transform tomorrows by pioneering innovative solutions to address our clients' risks. Brought to life by the great teamwork of our dedicated colleagues in Ukraine, the global insights from our international colleagues, and strong partnership with carriers, which enabled us to develop a market-leading initiative and secure much-needed capacity to facilitate crucial trade and transportation operations within Ukraine."

The launch of this London market-backed war insurance facility in Ukraine by WTW and VUSO marks a significant step forward in providing critical coverage for cargo and land risks amidst ongoing conflicts. The facility's immediate availability and the expertise of the partnering organizations offer a vital lifeline to businesses operating within Ukraine's borders.

Key Takeaways

  • WTW and VUSO launch market-first facility for cargo and war-on-land risks in Ukraine.
  • Facility provides certainty for Ukrainian and foreign enterprises moving goods within Ukraine.
  • Partnership addresses critical gap in insurance coverage amidst ongoing conflict.
  • Facility is operational immediately and can be accessed via VUSO or WTW Ukraine.
  • Initiative aims to facilitate trade and transportation operations essential for Ukraine's rebuilding efforts.