Willis Towers Watson announces insurance facility for cargo, land risks in Ukraine

MOSCOW. May 14 (Interfax) - Willis Towers Watson (WTW), a leading global advisory, broking and solutions company, announced a partnership agreement on May 13 with Ukrainian insurer VUSO, to provide a London market backed insurance facility covering cargo risks and those associated with hostilities on the land, Ukrainian media reported, citing WTW's website.

"This market first, an exclusive facility which provides prearranged military insurance capacity, offers much needed certainty to Ukrainian and foreign enterprises alike, who are moving goods and products overland within the borders of Ukraine," it said.

WTW's partnership with VUSO is a facility that directly addresses the complex challenges faced by local insurer partners. The London Market facility is led by Lloyd's syndicate Markel and can be accessed now through VUSO or WTW Ukraine.

"This facility complements our other offerings such as our Black Sea Grain facility and $300 million facility offering cover in the Red Sea and other high risk areas," Marine Cargo Director Sam Warnes was quoted as saying in the statement.

Willis Towers Watson (WTW), a global advisory, broking and consulting company, which provides analytical solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of peers serving 140 countries and markets, WTW helps organizations sharpen their strategy, enhance organizational resilience, motivate their staff, and maximize performance.

VUSO was founded in 2001. The company holds 50 licenses, including 34 for voluntary and 16 for compulsory types of insurance, and is represented in all Ukrainian regions. VUSO is a member of the Motor (Transport) Insurance Bureau of Ukraine and the Ukrainian Insurance Federation, a participant in the Direct Settlement project and a member of the Nuclear Pool.