Aon plc and the European Bank for Reconstruction and Development (EBRD) announced on Oct. 13, 2026, that the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) will grow from €110 million to €150 million. That raises insurance capacity for businesses operating during the war. The scheme provides reinsurance capacity to international reinsurers and Ukrainian insurance companies covering war-related risks in Ukraine.
Russian attacks on energy, transport, logistics and civilian infrastructure have intensified, while Black Sea ports face a renewed blockade. The announcement said the attacks have strained Ukrainian businesses and the economy. War-risk insurance, it said, is essential for businesses that need to manage risks and keep operating.
More capacity for Ukrainian insurers
Aon manages the URGF. Under the arrangement, the EBRD guarantees global reinsurer MS Amlin against losses on war-related risks that participating local insurers underwrite. That guarantee gives Ukrainian insurance companies access to reinsurance and lets them expand the war-risk cover they offer.
Ukrainian companies UNIVERSALNA, part of Fairfax Financial Group of Canada, and USG, part of Vienna Insurance Group, are joining local participants INGO, Colonnade and UNIQA. The facility now covers transportation and storage of gas-related assets. It also protects inventory goods temporarily held in warehouses, alongside existing cover for inland cargo, motor vehicle damage and railway rolling stock.
According to the announcement, the facility has generated more than €500 million in reinsurance coverage for goods and vehicles across nearly 10,000 policies. Premiums generated by the policies have exceeded claims reported to date, and MS Amlin hasn't called on the EBRD guarantee. The announcement called that record a sign that Ukraine's war-risk insurance market is functioning well.
International backing and business risks
France, the United Kingdom, Norway and the TaiwanBusiness–EBRD Technical Cooperation Fund back the facility, alongside Switzerland. The European Union provides donor coverage for additional capacity under its Ukraine Investment Framework (UIF).
Odile Renaud-Basso, President of the EBRD, said: “The URGF is a critical tool that helps businesses in Ukraine to manage their risk and continue operating in a war environment. We're pleased to work with our partners to expand the scheme and offer additional support to more companies amidst challenging operating conditions.”
Greg Case, President and CEO of Aon, said the facility had already provided more than €500 million in reinsurance coverage and would now protect more businesses. “With the war continuing to imperil the Ukrainian economy, war risk insurance is central to sustaining investment and building resilience in Ukraine,” he said.
Martin Burke, Chief Underwriting Officer, MS Amlin, said Ukrainian businesses continue to trade and invest despite the conflict, creating strong demand for war-risk insurance. The expansion, he said, would let local insurers meet more of that demand and cover a broader range of commercial risks. “Bringing in more reinsurers and additional capacity will be vital to supporting Ukraine's economic resilience and longer-term recovery,” he said.
A wider reconstruction effort
Oleksiy Muzychko, CEO of UNIVERSALNA, said joining the program would increase the company’s capacity to provide war-risk cover, particularly for businesses in the agricultural sector. Pavlo Nelga, CEO of USG, said participation would help the company address current needs in Ukraine and support rebuilding after the war.
The announcement said the expansion builds on Aon's work coordinating more than $500 million in public and private capital to reinforce Ukraine's economy, enable foreign investment during the war and prepare for reconstruction. Over the last three years, Aon announced a $350M insurance program with the DFC and organized a €110M ($115M) insurance facility with the EBRD. It also called on the (re)insurance industry to remove blanket exclusions for risks originating in Ukraine, Russia and Belarus. Aon launched a Ukraine Early Careers Program to hire displaced Ukrainians in its offices.