Lloyd’s, Aon, and Vienna Insurance Group (VIG) have teamed up to help Ukraine in its recovery and reconstruction by facilitating foreign (re)insurance capacity.
“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,” Aon’s global chairman of reinsurance solutions Dominic Christian said in an emailed release.
The goal is to deliver fast-track access to supplementary foreign (re)insurance capacity to support companies operating in Ukraine with manufacturing and construction risk exposure, excluding war cover. The initiative is part of the UK-Ukraine Private Finance Partnership.
“The Central and Eastern European region is our home market, and we have been present in Ukraine since 2004,” noted VIG managing board member Peter Höfinger. “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.”
Lloyd’s chief executive John Neal added: “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.”
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