Aon plc and the European Bank for Reconstruction and Development (EBRD) announced on Oct. 13, 2026, that they’re expanding the Ukraine Recovery and Reconstruction Guarantee Facility (URGF), lifting its capacity from €110 million to €150 million. The facility provides reinsurance capacity to international reinsurers and Ukrainian insurance companies that cover war-related risks in Ukraine.
Russian attacks have intensified against energy, transport, logistics and civilian infrastructure, while Black Sea ports face a renewed blockade. The announcement said those attacks have strained Ukrainian businesses and the economy. War-risk insurance, it said, helps businesses manage risks and keep operating.
How the facility works
Aon manages the URGF, which has generated more than €500 million in reinsurance coverage for goods and vehicles across nearly 10,000 policies. Under the arrangement, the EBRD guarantees global reinsurer MS Amlin against losses on war-related risks that participating local insurers underwrite. This reinsurance enables Ukrainian insurers to expand their war insurance offerings.
Premiums generated by the policies have exceeded claims reported to date, according to the announcement. MS Amlin hasn’t called on the EBRD guarantee. The announcement called that a sign that Ukraine’s war-risk insurance market is functioning well.
The expanded facility now covers transportation and storage of gas-related assets. It also adds cover for inventory goods held temporarily in warehouses. Existing cover includes inland cargo, motor vehicle damage and railway rolling stock.
Insurers and public backing
Ukrainian insurance companies UNIVERSALNA, part of Fairfax Financial Group of Canada, and USG, part of Vienna Insurance Group, are joining local participants INGO, Colonnade and UNIQA. France, the United Kingdom, Norway, the TaiwanBusiness–EBRD Technical Cooperation Fund and Switzerland back the facility. The European Union provides donor coverage for additional capacity under its Ukraine Investment Framework (UIF).
EBRD President Odile Renaud-Basso called the scheme “a critical tool that helps businesses in Ukraine to manage their risk and continue operating in a war environment.” She said the expansion would offer additional support to more companies “amidst challenging operating conditions.”
Greg Case, President and CEO of Aon, called war-risk insurance “central to sustaining investment and building resilience in Ukraine.” He pointed to more than €500 million in reinsurance coverage across nearly 10,000 policies. The expansion, he said, would protect more businesses while preparing the country for recovery and reconstruction.
Insurance for businesses under attack
Ukrainian businesses “continue to trade and invest despite the conflict,” said Martin Burke, Chief Underwriting Officer, MS Amlin, creating strong demand for war-risk insurance. He said the expanded facility would enable local insurers to meet more of that demand and cover a broader range of commercial risks. More reinsurers and additional capacity, he said, would be vital to economic resilience and longer-term recovery.
Oleksiy Muzychko, CEO of UNIVERSALNA, said joining the programme would increase the company’s capacity to provide war-risk cover. He highlighted the agricultural sector, adding that insurance could help more businesses access protection, sustain operations and contribute to economic resilience.
Pavlo Nelga, CEO of USG, said the company’s participation would help it address current needs in Ukraine. He thanked international partners for upgrading the facility. USG, he said, looks forward to remaining a partner in rebuilding the country after the war.
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, the announcement said. Over the last three years, Aon announced a $350M insurance program with the DFC, organized a €110M ($115M) insurance facility with the EBRD, and called on the (re)insurance industry to remove blanket exclusions for risks originating in Ukraine, Russia and Belarus. It also launched a Ukraine Early Careers Program to hire displaced Ukrainians in Aon offices.