05:22 AM EST, 12/12/2024 (MT Newswires) -- Aon (AON) said Thursday the company and the European Bank for Reconstruction and Development have launched a 110 million euros ($115.6 million) facility to support the war risk insurance market in Ukraine.

With support from Aon, the development bank has launched a new guarantee to boost the reinsurance capacity for private sector insurers, the company said.

Under the new Ukraine Recovery and Reconstruction Guarantee Facility, the EBRD will back reinsurance companies through a guarantee covering losses on war-related risks underwritten by Ukrainian insurers, Aon said.