Under the scheme, MS Amlin has committed EUR 80 million in reinsurance capacity – rising to EUR 110 million – over five years to support war risk policies underwritten by three Ukrainian insurers: INGO, Colonnade, and UNIQA. The facility is backed by an EBRD guarantee, allowing MS Amlin to transfer the exposure off its balance sheet
London: MS Amlin, the Lloyd’s global (re)insurer, has bound a groundbreaking reinsurance scheme that could provide up to EUR 1 billion in cover annually for Ukraine SMEs.
The innovative scheme, developed in partnership with the European Bank for Reconstruction and Development (EBRD) and professional services firm Aon, aims to revitalise Ukraine’s war risk insurance market by enabling local insurers to begin offering inland cargo and transport cover for SMEs.
Under the scheme, MS Amlin has committed EUR 80 million in reinsurance capacity – rising to EUR 110 million – over five years to support war risk policies underwritten by three Ukrainian insurers: INGO, Colonnade, and UNIQA. The facility is backed by an EBRD guarantee, allowing MS Amlin to transfer the exposure off its balance sheet.
The facility is initially supported by France, the UK, Norway, and the Taiwan Business-EBRD Technical Cooperation Fund. The European Union and Switzerland have also pledged contributions, with further donor support expected to expand the EBRD guarantee over time.
As these policies are typically short-term, the facility can recycle capital, potentially extending coverage for multiples of the guarantee amount. EBRD estimates suggest the facility could provide cover for up to EUR 1 billion worth of goods and vehicles each year, the equivalent of EUR 5 billion over the five-year term.
Ukraine’s insurance sector has struggled to offer commercial war risk cover since the conflict began. The URGF is aims to improve access to insurance, stimulating business activity and economic growth, paving the way for Ukraine’s recovery and reconstruction.
Martin Burke, MS Amlin’s Chief Underwriting Officer, said: “Expanding access to insurance is critical for supporting Ukraine’s SMEs and overall economy. By addressing a gap in reinsurance, this scheme will help boost business confidence, protect supply chains, and drive economic growth.”
The facility highlights how specialist insurers can unlock investment in high-risk regions and demonstrates the key role of public-private partnerships in rebuilding Ukraine. By leading the way on this facility, we aim to attract additional market capacity, vital for Ukraine’s long-term reconstruction and recovery, said Burke.