WTW launches new market-first facility for Ukraine
WTW launches new market-first facility for Ukraine | Insurance Business Asia
Insurance News
WTW launches new market-first facility for Ukraine
Proposition to protect firms moving goods and products in Ukraine by land
Insurance News
By
Terry Gangcuangco
WTW has forged a strategic alliance with Ukrainian insurer VUSO to launch a pioneering facility backed by the London Market. Designed to cover both cargo and war-on-land risks, the exclusive facility is led by Lloyd’s syndicate Markel and features prearranged war insurance capacity.
Sam Warnes, marine cargo director at WTW, noted: “This facility complements our other cargo war offerings such as our Black Sea Grain facility and US$300 million facility offering cover in the Red Sea and other high-risk war areas.”
Now operational following a year of development, the facility will protect both local and foreign enterprises that are moving goods and products in Ukraine by land.
VUSO chief executive Andrii Artiukhov added: “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 new facility can be accessed via either WTW Ukraine or VUSO.
“At WTW, our purpose is clear, to transform tomorrows by pioneering innovative solutions to address our clients’ risks,” WTW international head Pamela Thompson-Hall said.
“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.”
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