WTW launches Lloyd’s cyber facility to cater for growing demand

WTW has launched a new cyber facility, CyXS, providing to up to $50 million of excess layer capacity.

Capacity will be provided through Lloyd’s A rated insurers, the broker noted.

The broker stressed that the two lead insurers are able to deploy capacity on behalf of all the facility insurers, therefore streamlining the underwriting and information requirement process.

The new cyber facility will also include ‘follow form’ coverage with bespoke WTW excess layer wording, including proprietary excess attachment provision. 

WTW added that this provides greater clarity and claims certainty where differences in terms and conditions exist within an insurance programme, WTW explained.

It also said that the ‘CyXS Restore function’ will provide the option to purchase a reinstatement of limit for primary layer coverage at a pre-agreed additional premium percentage.

Glyn Thoms, head of GB Finex, Cyber and TMT, WTW, commented: “Our most recent Directors Liability Survey, in partnership with Clyde & Co, highlighted that cyber risks continue to be a top priority for organisations across the globe. For the last 12-18 months, the ransomware crisis has made obtaining cyber insurance capacity very difficult yet demand from companies has continued to grow.”

“As we emerge into a more stable market, CyXS helps us continue to support our clients with accessing significant capacity in an efficient way and further adds to our broad suite of innovative cyber solutions.”