© Reuters.
In a significant move aimed at supporting Ukraine’s economy amidst ongoing conflict, Marsh McLennan (NYSE:), a global professional services firm, has launched an initiative titled ‘Unity.’ This program, in collaboration with Ukrainian entities and Germany’s DZ Bank, is designed to bolster grain exports from Ukraine.
The Unity initiative provides a substantial financial safety net for the vital grain export sector of Ukraine. It offers $50 million in hull and protection & indemnity (P&I) war risk insurance underwritten by insurers from Lloyd’s of London. This coverage is crucial for shipping vessels navigating through hazardous areas due to the war, ensuring that grain exports can continue despite the risks.
Furthermore, Unity is reinforced by standby letters of credit from two Ukrainian banks, Ukreximbank and Ukrgasbank. These financial instruments serve as a guarantee of payment, providing additional security and confidence for international transactions involving Ukrainian grain exports.
This move follows Marsh McLennan’s commitment back in June 2023 to provide pro-bono services to Ukraine. The company had pledged to support the war-torn country through various means, including a war risk data platform and advisory services from Oliver Wyman, one of its subsidiaries.
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