LONDON - Global advisory, broking, and solutions company WTW (NASDAQ: WTW) has announced a partnership with Ukrainian insurer VUSO to launch a unique insurance facility aimed at covering cargo and war-on-land risks in Ukraine. The facility, backed by the London market and led by Lloyd's syndicate Markel (NYSE:MKL), is a first of its kind, offering prearranged war insurance capacity to Ukrainian and foreign businesses operating within Ukraine's borders.
The collaboration between WTW and VUSO addresses the challenges local insurers face due to the ongoing conflict in the region. It took a year to develop the London Market facility, which is now operational and accessible through VUSO or WTW Ukraine.
Sam Warnes, Director Marine Cargo at WTW, highlighted the significance of the facility, noting that it complements existing cargo war offerings, such as the Black Sea Grain facility and a $300 million cover for high-risk war areas like the Red Sea.
Vyacheslav Andriyko, Head of WTW Ukraine, expressed satisfaction with the launch, emphasizing its importance for domestic companies and international supporters involved in Ukraine’s rebuilding efforts. Andrii Artiukhov, CEO at VUSO, also commented on the program's potential to broaden their corporate clients' insurance options, particularly for protecting cargo from war risks.
Pamela Thompson-Hall, Head of International at WTW, underscored the company's commitment to pioneering innovative solutions, which has been demonstrated by the teamwork across the globe that contributed to this initiative. The new facility is expected to facilitate critical trade and transport operations within Ukraine.
WTW serves clients across 140 countries, providing data-driven solutions in people, risk, and capital management. Their Global Marine team consists of over 550 specialists in more than 55 locations. VUSO is recognized as a leading insurer in Ukraine, known for its diversified product portfolio and expansive sales network.
This partnership is based on a press release statement.
InvestingPro Insights
As WTW (NASDAQ: WTW) forges new ground with its innovative insurance facility in Ukraine, the company's financial health remains a key consideration for investors. With a market capitalization of $26.27 billion and a P/E ratio adjusted for the last twelve months as of Q1 2024 standing at 18.28, WTW demonstrates a robust valuation that reflects its stability and growth potential.
Investors may also take note of WTW's commitment to shareholder returns, as evidenced by its consistent dividend payments over the last 22 years, including a dividend growth of 4.76% in the last twelve months as of Q1 2024. This commitment is further underscored by the company's track record of raising its dividend for 7 consecutive years, a testament to its financial resilience and strategic planning.
One of the InvestingPro Tips for WTW is that analysts predict the company will be profitable this year, which aligns with the company's positive revenue growth of 7.04% in the last twelve months as of Q1 2024. This financial trajectory suggests that WTW is well-positioned to navigate the complexities of the global insurance market, even as it undertakes innovative ventures such as the Ukrainian insurance facility.
For more detailed analysis and additional InvestingPro Tips, investors can explore WTW's profile on InvestingPro, where 5 more tips are available to guide investment decisions. To gain access to these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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