Aon and Kniazha Vienna Insurance Group (Kniazha VIG) have signed a reinsurance facility agreement worth $25m with the US International Development Finance Corporation (DFC).
The agreement will offer DFC-backed reinsurance coverage on war risk insurance portfolios of up to $100m.
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The arrangement is expected to help Kniazha VIG provide war-risk insurance policies to small and medium-sized businesses (SMEs) as well as individuals within Ukraine.
Kniazha VIG supervisory board chairman and VIG managing board member Harald Riener said: “Our partnership with DFC marks an important step in strengthening Kniazha’s role in Ukraine’s rebuilding process and reflects VIG’s long-term commitment to the country.
“By expanding SME and private insurance solutions and supporting regional initiatives, we are creating a resilient platform that empowers communities and unlocks new market opportunities. This collaboration positions Kniazha to contribute to long-term stability while building sustainable growth for the future.”
This development follows earlier initiatives involving Aon and DFC designed to support Ukraine’s economy during the conflict.
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By GlobalDataPrevious efforts include coordinating more than $490m in investment and insurance-related support and setting up an insurance facility with the European Bank for Reconstruction and Development.
Aon has also introduced a programme aimed at employing displaced Ukrainians.
Aon CEO and president Greg Case commented: “Since the onset of the war, our commitment to Ukraine has compelled our firm to build a global public and private coalition to support and invest in the country.
“We are proud to collaborate with Kniazha VIG to build on work with the US International Development Finance Corporation and others as we put our expertise, analytics and relationships to urgent work to unlock innovative solutions to this complex challenge.”
