Global specialty insurance and reinsurance broker McGill and Partners has renewed its Ukraine War Risks Reinsurance Facility for another year, with the maximum line per risk increasing from $50m to $100m.
The facility is designed to support local Ukrainian cedants, including ARX, the insurer McGill and Partners first collaborated with, by providing the reinsurance capacity needed to protect commercial property in the region against war-related risks faced by their clients.
“The increase in capacity reflects a marked expansion in carrier participation, which has more than doubled and now stands at 14 insurers, including Aegis London, Atrium, AXIS, Liberty Specialty Markets, The Fidelis Partnership, and Westfield Specialty International,” McGill and Partners explained.
Participating carriers have reportedly committed $250m in the aggregate for the next 12 months, which, McGill and Partners said, reflects the significant expansion in per-risk and aggregate capacity available for Ukrainian clients.
According to the firm, more than $100m of cover has been placed for the benefit of businesses operating in Ukraine, allowing vital industries such as energy production, manufacturing, warehousing, food and battery energy storage to access the cover they need.
Chris Stevenson, Head of Property, Casualty, and Construction at McGill and Partners, commented on the renewal, “This is the only facility in the market that offers these kinds of limits at this scale, and we’re committed to ensuring it continues to provide meaningful support to businesses operating in such difficult circumstances.
“We’re pleased to be able to increase the limits and provide access to critical cover to support Ukrainian businesses as they navigate the devastating effects of war and look to rebuild in the future.”
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