Global specialist insurance and reinsurance broker McGill and Partners has renewed its Ukraine war risk reinsurance facility for a further year, increasing the maximum limit per risk from $50 million to $100 million.
The facility is designed to support local cedants in Ukraine, including ARX, the insurer with which McGill and its partners initially worked, by providing the reinsurance capacity needed to protect commercial properties in the region from war-related risks faced by their clients.
McGill and Partners explained: “The increase in capacity reflects a significant expansion in carrier participation, which has more than doubled and now totals 14 insurers, including Aegis London, Atrium, AXIS, Liberty Specialty Markets, The Fidelis Partnership and Westfield Specialty International.”
Participating operators have reportedly committed a combined $250 million over the next 12 months, which McGill and Partners said reflects a significant expansion of each risk and total capacity available to Ukrainian customers.
According to the company, more than $100 million in cover has been provided to companies operating in Ukraine, allowing critical industries such as energy production, manufacturing, warehousing, food and battery storage to receive the protection they need.
Chris Stevenson, head of property, casualty and construction at McGill & Partners, commented on the renewal: “This is the only facility on the market to offer restrictions of this scale and we are committed to ensuring it continues to provide meaningful support to businesses operating under such difficult circumstances.
“We are pleased to be able to increase restrictions and provide critical safeguards to support Ukrainian businesses as they cope with the devastating effects of the war and seek to rebuild for the future.”
