Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Ukraine

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jul 17, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

URGF IC Limited

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Guarantee

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 120.35 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 110
Converted using 2024-07-17 exchange rate.

Project Cost (USD)

$ 120.35 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Translation: URGF Ukraine war risk insurance (Ukrainian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 26, 2025

Disclosed by Bank Dec 13, 2024

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the Ukraine Recovery and Reconstruction Guarantee Facility ("URGF") is a private sector operation that aims to re-launch the market for war risk insurance in Ukraine. Under the project, EBRD provides a guarantee of up to EUR 110 million in favour of URGF IC Limited, a specialised form of limited liability company based in Guernsey. The Company will use EBRD's guarantee to provide reinsurance cover for war related losses and damages in Ukraine to insurance market participants. The facility is managed by Aon, a leading professional services firm.

The Project aims to re-launch the private market for war insurance in Ukraine by unlocking the risk retention capacity of the international reinsurance industry and thereby supports Ukraine's private sector investment needs. The war on Ukraine has led to a significant reduction of reinsurance capacity available to the market, as international reinsurers have largely withdrawn from Ukraine. By re-engaging international reinsurers and making war risk insurance more accessible, the facility will stimulate business activity and economic growth, supporting Ukraine's recovery and reconstruction.

The EBRD Special Shareholder Fund has supported the design and operationalisation of the URGF Project with EUR 1.7 million. Further, the Project benefits from bilateral and multilateral donor support in the form of grants and unfunded guarantees.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The EBRD categorized the project risk as FI.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, the URGF IC Limited is a newly incorporated company that has been set up for the implementation of the Project. The Company is managed by Aon, a leading professional services firm.

As stated by Bloomberg, AON Corporation operates as a insurance and brokerage services. The Company offers risk management, insurance and reinsurance brokerage, human resource consulting, outsourcing, and workforce productivity solutions. AON serves clients worldwide.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	AON Corporation	Client	Finance

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Financial Intermediary - URGF IC Limited:

Vlad Bobko
Email: vlad.bobko@aon.com
Website: https://www.aon.com/
Address: URGF IC Limited, PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 4AT

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html