McGill and Partners launches groundbreaking war risk reinsurance facility for Ukraine

McGill and Partners, a leading independent global specialty insurance and reinsurance broker, has unveiled a pioneering war risk reinsurance facility specifically tailored for commercial property in Ukraine.

McGill and Partners, a leading independent global specialty insurance and reinsurance broker, has unveiled a pioneering war risk reinsurance facility specifically tailored for commercial property in Ukraine.

The initiative is a response to the critical insurance gap faced by businesses operating in war-affected regions, according to InsurTech Insights.

The introduction of this facility comes at a crucial time for Ukraine, as the country continues its recovery from the devastating impacts of war.

By offering a tailored reinsurance solution, McGill and Partners aim to address the lack of adequate war risk coverage that has hampered economic regrowth in the region.

The newly launched war risk reinsurance facility employs cutting-edge AI-driven analytics developed by FortuneGuard, a Lloyd’s Lab InsurTech.

This technology analyses official data on projectiles fired into Ukraine, enabling underwriters to assess war damage risks with greater precision. The result is more competitive premium pricing and responsible risk management, making insurance accessible to businesses in high-risk areas.

The facility offers coverage of up to $50m per risk and is initially available to businesses located more than 100 kilometres from the front line. Reinsurers will collaborate with ARX to begin issuing quotes to new clients, with plans to extend the facility’s reach to other local insurers.

Steve McGill CBE, Founder and CEO of McGill and Partners said: “As Ukraine continues to navigate the devastating impacts of war, we recognise the significant role of the insurance industry in supporting Ukraine’s economic regrowth. Providing critical coverage for businesses in Ukraine, the launch of this groundbreaking facility marks a significant milestone in supporting Ukraine’s economic recovery and resiliency.

“By harnessing the power of AI and comprehensive data sets, we have been able to take a more informed approach to presenting and underwriting risk. This approach has enabled us to deliver scalable reinsurance capacity at an accessible premium, adding critical coverage for businesses that were largely unprotected.”

Since the outbreak of the war, international reinsurance markets have largely withdrawn from providing war risk coverage for Ukrainian commercial properties.

This initiative marks a significant step in filling that void, which previously offered only limited coverage through local insurers with small policy limits.

Maksym Mezhebytskyi, first Deputy Chairman of the Board and member of the Board of ARX, said, “A year and a half ago, no one in Ukraine could even dream of this. We are very pleased Lloyd’s and the London private reinsurance markets have recognised the critical need for a property reinsurance product against war risks, and we are proud to be the first in Ukraine to introduce this product. This became possible, among other things, as a result of the experience we have accumulated over the past year and a half, and our partnership with McGill and Partners. We hope that similar products will continue to develop, and the number of insurers and reinsurers involved in them will only increase.”

The initiative underscores the insurance industry’s commitment to supporting Ukraine’s economic recovery and resilience in the face of ongoing conflict.

Oleksii Omelianchuk, Founder and CEO of FortuneGuard, said, “This historic facility is a game-changer for Ukraine’s commercial sector and investors. Offering unprecedented policy limits of up to $50 million, it provides coverage that was previously unavailable in the market. By leveraging cutting-edge AI-driven analytics, local expertise, and comprehensive data, we can provide affordable and scalable coverage for businesses and investors operating in Ukraine.”

He added, “Developed with input from Lloyd’s experts, this initiative not only secures assets but also provides the confidence businesses need to continue operating and rebuilding in these challenging times.”

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