Marsh McLennan teams with Ukraine to insure Black Sea grain shipments

Marsh McLennan in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank, announced the launch of a new facility – Unity – to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports. Underwritten by insurers based at Lloyd’s of London, Unity will provide up to $50M in hull and separate protection & indemnity, or P&I, war risk insurance. 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, providing shipowners and charterers with war risk insurance in the absence of safe corridors. Global law firm, Norton Rose Fulbright, provided advisory services.