Market first facility offers much needed certainty to Ukrainian and foreign enterprises moving goods and products within the borders of Ukraine
WTW has announced (13 May 2024) a partnership with Ukrainian insurer, VUSO, to provide a London market backed facility covering cargo and, crucially, war-on-land risks.
This market first, an exclusive facility which provides prearranged war insurance capacity, offers much needed certainty to Ukrainian and foreign enterprises alike, who are moving goods and products overland within the borders of Ukraine.
WTW’s partnership with VUSO is a development that directly addresses the complex challenges faced by local insurer partners. A year in the making, the London Market facility is led by Lloyd’s syndicate Markel.
The facility is operational immediately and can be accessed via VUSO or WTW Ukraine.
Sam Warnes, Director Marine Cargo commented “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.”
Vyacheslav Andriyko, Head of WTW Ukraine said “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 said “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.”
Pamela Thompson-Hall, Head of International, WTW added “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. It is a source of pride for us to support our clients through their current crisis.”