Aon, Lloyd’s and Vienna Insurance Group to Provide Re/Insurance for Ukraine Recovery

Aon, Lloyd’s and Vienna Insurance Group (VIG) announced they are collaborating to provide foreign re/insurance capacity to support Ukraine’s recovery and reconstruction.

As part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to supplementary foreign re/insurance capacity to support both international and domestic companies operating in Ukraine with manufacturing and construction risk exposure, excluding war cover.

Working together like this will harness the expertise and capabilities of Ukraine’s insurance market to strengthen and grow domestic re/insurance availability, providing an essential financial mechanism to support rebuild and reconstruction efforts, Lloyd’s said.

As a first step in delivering this commitment, Aon and Lloyd’s have joined forces with one of the largest insurers operating in Ukraine, Vienna Insurance Group (VIG), to provide both treaty and facultative re/insurance that will allow increased capacity for their local and international clients requiring cover for manufacturing and construction activities.

“Lloyd’s is committed to supporting the reconstruction of Ukraine through this new collaboration with Aon and VIG,” commented John Neal, CEO of Lloyd’s. “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.”

“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,” said Dominic Christian, Aon’s global chairman of Reinsurance Solutions.

“The Central and Eastern European region is our home market and we have been present in Ukraine since 2004. 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,” according to Peter Höfinger, member of VIG Managing Board.

“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,” Höfinger added.

Lloyd’s noted that the Ukraine insurance market continues to function despite ongoing geopolitical conflict with over €1 billion of insurance premium written in 2022.

Source: Lloyd’s