| Project Detail |
Location:
Ukraine
Project number:
54849
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
FI
Approval date:
17 Jul 2024
Status:
Signed
English-language PSD published:
13 Dec 2024
The Ukraine Recovery and Reconstruction Guarantee Facility ("URGF") is a private sector operation that aims to re-launch the market for war risk insurance in Ukraine. Under the project, EBRD provides a guarantee of up to € 110 million in favour of URGF IC Limited (the "Company"), a specialised form of limited liability company based in Guernsey. The Company will use EBRDs guarantee to provide reinsurance cover for war related losses and damages in Ukraine to insurance market participants (the "Project"). The facility is managed by Aon, a leading professional services firm.
Project Objectives
The Project aims to re-launch the private market for war insurance in Ukraine by unlocking the risk retention capacity of the international reinsurance industry and thereby supports Ukraines private sector investment needs. The war on Ukraine has led to a significant reduction of reinsurance capacity available to the market, as international reinsurers have largely withdrawn from Ukraine. By re-engaging international reinsurers and making war risk insurance more accessible, the facility will stimulate business activity and economic growth, supporting Ukraines recovery and reconstruction. |
