WTW announces market first facility for cargo and war-on-land risks in Ukraine
Market first facility offers much needed certainty to Ukrainian and foreign enterprises moving goods and products within the borders of Ukraine
LONDON, May 13, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company today announced a partnership with Ukrainian insurer, VUSO, to provide a London market backed facility covering cargo and, crucially, war-on-land risks.
This market first, an exclusive facility which provides prearranged war insurance capacity, offers much needed certainty to Ukrainian and foreign enterprises alike, who are moving goods and products overland within the borders of Ukraine.
WTW’s partnership with VUSO is a development that directly addresses the complex challenges faced by local insurer partners. A year in the making, the London Market facility is led by Lloyd’s syndicate Markel.
The facility is operational immediately and can be accessed via VUSO or WTW Ukraine.
Sam Warnes, Director Marine Cargo commented, “This facility complements our other cargo war offerings such as our Black Sea Grain facility and $300m facility offering cover in the Red Sea and other high risk war areas.”
Vyacheslav Andriyko, Head of WTW Ukraine said, “We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine’s rebuilding efforts.”
Andrii Artiukhov, CEO at VUSO said, “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.”
Pamela Thompson-Hall, Head of International, WTW added, “At WTW, our purpose is clear, to transform tomorrows by pioneering innovative solutions to address our clients' risks. 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.”
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Our team has 550+ marine risk and insurance specialists working together as one global team in more than 55 locations. It is this collaboration that gives our clients the opportunity to access the best solutions available anywhere in Global Marine, regardless of their location. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success.
About VUSO
PJSC SC VUSO is a leading insurance company in the Ukraine market with above-market growth rates, a diversified product portfolio and a wide sales network.
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