Expansion
EBRD and Aon Lift Ukraine War-Risk Insurance Facility to €150 Million With EU Backing
By News Desk ·
Key takeaways
- The EBRD increased the Ukraine Recovery and Reconstruction Guarantee Facility to €150 million from €110 million, with the earlier capacity fully used by Ukrainian insurers.
- The expanded facility adds coverage for gas-related assets and goods in temporary storage, backed by EU donor funds.
- Insurers USG, owned by Vienna Insurance Group, and Universalna, owned by Fairfax Financial Group, join INGO, Colonnade and UNIQA in offering war-risk cover.
The European Bank for Reconstruction and Development has expanded its Ukraine Recovery and Reconstruction Guarantee Facility to €150 million from €110 million, with Aon managing the war-risk insurance scheme. The EBRD said the existing capacity was fully used by Ukrainian insurers and their clients.
How the EBRD and Aon Facility Works
The European Bank for Reconstruction and Development guarantees global reinsurer MS Amlin against losses on war-related risks underwritten by participating Ukrainian insurers, which can then obtain reinsurance coverage and widen their war insurance offering. The additional capacity is backed by donor coverage from the European Union under its Ukraine Investment Framework.
The facility's scope now includes the transport and storage of gas-related assets and goods held in temporary warehouses, alongside inland cargo, motor vehicle damage and railway rolling stock. Existing insurers INGO, Colonnade and UNIQA will be joined by two new Ukrainian insurers: USG, owned by Vienna Insurance Group, and Universalna, owned by Fairfax Financial Group of Canada.
The initial €110 million guarantee, backed by donor coverage from France, Norway, Switzerland, the United Kingdom and the TaiwanBusiness-EBRD Technical Cooperation Fund, supported more than €500 million of reinsurance coverage for goods and vehicles across nearly 10,000 policies. Premiums from those policies have so far exceeded claims, and MS Amlin has not needed to call on the EBRD guarantee.
The EBRD said the expansion comes as Ukraine contends with intensifying Russian attacks on energy, transport, logistics and civilian infrastructure, as well as the renewed blockade of Black Sea ports. The bank has deployed €11 billion in Ukraine since 2022, including a record €2.9 billion in 2025.
Aon's Earlier Ukraine War-Risk Work
According to akta.pro company records, Aon brokered a $25 million war-risk reinsurance facility between Kniazha Vienna Insurance Group and the U.S. DFC in February 2026, enabling up to $100 million of Ukraine coverage and building on more than $490 million of prior Aon and DFC Ukraine initiatives. The same records describe Aon as a global professional services firm operating in more than 120 countries, with full-year 2025 revenue of $17.2 billion.
Aon's Recent Moves Before the Expansion
On November 4, 2026, Artemis.bm reported that Aon's third-quarter 2026 report said alternative and institutional capital alongside traditional reinsurance is expanding program choice for insurance buyers. On November 3, 2026, Artemis.bm reported that Aon and Munich Re launched a parametric pandemic reinsurance solution for clients in Indonesia and the Philippines, targeting non-damage business interruption losses. On October 28, 2026, Artemis.bm reported that Aon CEO Greg Case said on the third-quarter 2026 earnings call that emerging client needs require connecting risk with capital beyond traditional insurance.
What Comes Next for the Facility
The EBRD said COP31 will take place between November 9 and November 20, 2025 in Antalya, Turkiye.