Marsh McLennan has announced the launch of a new facility to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports amid Russian occupation.

The insurance broker’s Unity facility comes in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank and will provide up to $50 million in hull and separate protection and indemnity war risk insurance underwritten by insurers based at Lloyd’s of London.

Ukreximbank, the state export-import Bank of Ukraine, and state-owned Ukrainian bank Ukrgasbank will provide standby letters of credit, each confirmed by DZ Bank, to support the facility which itself is backed by the Ukraine Ministry of the Economy to provide shipowners and charterers with war risk insurance in the absence of safe corridors.

“Marsh McLennan is committed to mobilising our unique expertise to support global food security and stability,” said March president and chief executive John Doyle. “The launch of this insurance facility will especially benefit the developing nations that buy much of Ukraine’s grain and also help Ukraine’s future recovery and reconstruction endeavours.

“Through these efforts, we are fulfilling our purpose as a company to give our communities and clients the confidence to thrive.”

As with the ‘As One’ facility launched to provide insurance under the now defunct Black Sea Grain Initiative in July 2022, Marsh said it will extend the new Unity facility to clients of Lloyd’s of London registered brokers, to provide added support to ongoing humanitarian efforts and alleviate continued pressure on supply chains and global food security.

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