Broker McGill offers property war reinsurance for Ukraine

Marsh & McLennan Companies

09/01/2025 06:00

LONDON, Jan 9 (Reuters) - Broker McGill and Partners has
launched a commercial property war risk reinsurance programme
for Ukraine, which it said on Thursday was the first of its kind
since Russia's invasion of the country in Feb 2022.
    Companies in Ukraine have found it difficult to get
insurance since the start of the war because Western reinsurers,
who insure the insurers, have placed exclusions on the country. 
    McGill said it had collaborated with local Ukrainian insurer
ARX to provide up to $50 million in cover for each commercial
property policy, with reinsurance from firms in London including
Lloyd's of London  SOLYD.UL  syndicates.
    FortuneGuard, an insurance technology company, will use
official data on projectiles fired into Ukraine to assess the
likelihood of war damage. Cover will be available for properties
which are more than 100 km (62 miles) from the front line,
McGill said in a statement.
    Hamish Greenwood, head of crisis management at McGill, said
the broker had been working for some months to set up the
programme.
    "We never felt a blanket exclusion across all of Ukraine was
fair, because the risk in the west is not the same as the risk
in the east", Greenwood said. Seven London firms have already
agreed to offer cover under the programme, Greenwood added.
    Multilateral organisations the European Bank for
Reconstruction and Development and the U.S. International
Development Finance Corporation have already stepped in to back
war insurance in Ukraine for goods and vehicles in transit, and
healthcare and agriculture respectively.
    Broker Marsh  MMC.N  offers an insurance programme for cargo
transportation through the Black Sea corridor, with the support
of Ukrainian state banks.
    
    

 (Reporting by Carolyn Cohn
Editing by Christina Fincher)
 ((carolyn.cohn@thomsonreuters.com; 44 207 513 4391;))