Willis expanded its CyXS cyber facility, now offering $115mn of capacity through Lloyd’s syndicates and up to $40mn from insurers outside Lloyd’s.
The WTW business added two products under the facility: CyXS Plus and CyXS Co. These are also available in euros or pounds.
Peter Foster, global cyber chairman at Willis, said CyXS remains in demand globally, focused on meeting client needs. Simon Delchar, global head of placement, said 25 insurers now support CyXS through the new offerings (see Cyber Security Top Trends & Cyber Attack Threats. 5 Scenarios of Resilience).
“Cybersecurity is more than a technology risk for your IT department to handle. Cybersecurity challenges are multifaceted, impacting people, capital and technology,” Willis says.
“Our integrated approach to cyber risk management provides a comprehensive strategy to protect your business. From assessing vulnerabilities to providing custom insurance solutions, we’re dedicated to enhancing your cyber resilience“.
CyXS Co. allows capital and underwriting input from outside Lloyd’s, according to Willis. It operates with full underwriting control held by its two lead insurers. This makes it the largest facility of its type outside Lloyd’s.
Willis said the facility expansion gives clients more options. The broader structure increases available capacity and insurer participation.
CyXS has been a great success with our clients across the globe, as it has and continues to be focused on serving their needs and increasing demand for innovation that truly address their needs.
Peter Foster, Global Cyber Chairman at Willis
Earlier this year, WTW launched a separate cyber facility, CyCore Asia, for companies in Singapore and Hong Kong. It offers up to $15mn in primary capacity, underwritten by QBE Insurance Group and Axa XL (see How to Increase Resilience of Cyber Market through Insurance & Risk Management?).
The initial launch covers various sectors in Singapore and Hong Kong. WTW plans to extend availability to other Asian markets later in the year.
The Willis CyXS facility now includes the CyXS Plus and CyXS Company offerings, each offering a further USD/GBP/EUR40m of capacity.
“CyXS has been a great success with our clients across the globe, as it has and continues to be focused on serving their needs and increasing demand for innovation that truly address their needs,” Peter Foster said.
CyXS Company facilitates the engagement of high-quality capital and underwriting expertise from outside the Lloyd’s environment.
At Willis we are committed to bringing high quality capacity as close to our clients as possible. CyXS Plus and CyXS Company bring the number of insurers supporting CyXS to 25, showing fantastic commitment from the London cyber market to deliver better outcomes for our clients around the globe.
Simon Delchar, Global Head of Placement at Willis
The broader suite provides a materially expanded range of options to our clients, that can be accessed with speed, efficiency and agility.
CyXS Company is the largest facility of its kind outside of Lloyd’s, due to all underwriting control residing solely with the two lead insurers.
