McGill and Partners has launched a new AI-powered war risk reinsurance facility for commercial property in Ukraine. The new offering leverages Lloyd’s Lab insurtech, FortuneGuard’s technology to assess the likelihood of war damage and to support risk presentation, analysis and underwriting.

Coverage will be provided for properties located more than 100km from the front line.

Commenting on the launch, Steve McGill CBE, founder and CEO of McGill and Partners said the broker’s new facility marks a significant milestone in supporting Ukraine’s economic recovery and resilience.

“By harnessing the power of AI and comprehensive data sets, we have been able to take a more informed approach to presenting and underwriting risk,” he said. “This approach has enabled us to deliver scalable reinsurance capacity at an accessible premium, adding critical coverage for businesses that were largely unprotected.”

Oleksii Omelianchuk, founder and CEO of FortuneGuard, added: “This historic facility is a game-changer for Ukraine’s commercial sector and investors. Offering unprecedented policy limits of up to US$50m, it provides coverage that was previously unavailable in the market. By leveraging cutting-edge AI-driven analytics, local expertise and comprehensive data, we can provide affordable and scalable coverage for businesses and investors operating in Ukraine. Developed with input from Lloyd’s experts, this initiative not only secures assets but also provides the confidence businesses need to continue operating and rebuilding in these challenging times.”

Supporting Ukraine’s economic recovery and resilience efforts, McGill has also collaborated with local Ukrainian insurer, ARX, to create a product that will enable up to US$50m in coverage per risk, with reinsurance capacity provided by the London Market and Lloyd’s syndicates.

Since the outbreak of the war with Russia, the international reinsurance market has largely withdrawn capacity for war risk reinsurance in Ukraine. While there have been some recent initiatives focused on covering mobile assets, the only coverage available for commercial property assets to date has been through local insurers, such as ARX, and limited to policy limits of US$500,000.

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