Lloyd's is joining Aon and Vienna Insurance Group to provide treaty and facultative re/insurance to support recovery and reconstruction work in Ukraine.
The UK-Ukraine Private Finance Partnership has committed to fast-tracking 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.
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."
VIG board member, Peter Höfinger added: “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.”
Despite the ongoing war, Ukraine's insurance market continues to function, with over €1bn of insurance premium written in 2022.
Vienna Insurance Group is the largest insurer in Austria, and has a significant presence across Central and Eastern Europe. VIG has an A+ rating with a stable outlook from Standard and Poor’s.
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