Marsh, Lloyd’s, and the Ukrainian government have announced an extension to the Unity insurance facility first established in November last year.
Initially, it provided affordable war risk insurance for grain shipments and other critical food supplies globally but this has now been extended to all non-military cargo such as iron ore, steel, and containerised shipping.
Led by Ascot and supported by other Lloyd’s and London Market carriers, Unity provides up to £40 million in hull and P&I war risk insurance.
John Doyle, President and Chief Executive Officer at Marsh McLennan, commented: “Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country and recover from the devastating impact of war on its people and economy. We’re pleased to expand this public-private partnership with the Ukrainian government.”
Yulia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy said, “Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine, especially in terms of exporting metallurgical products, as the full-scale invasion has heavily affected this sector.”
John Neal, CEO of Lloyd’s, added: “Since the invasion of Ukraine, Lloyd’s has partnered with the United Nations, governments, regulators, and insurers to keep economies and supply chains moving despite difficult circumstances.
“New partnerships between the public and private sector, including the expansion of the Marsh Unity facility, are the hallmark of the Lloyd’s market, bringing insurance experts and policymakers together to solve complex risks.”
