WTW has launched an excess layer cyber facility, called CyXS, which is available to WTW clients globally who purchase excess layer cyber programmes.
With the boundless opportunities presented by increasing global digital connectedness, there unfortunately comes the increased threat of cyber crime which can leave individuals and business vulnerable. A defined risk appetite with a specific focus on accumulation and disciplined underwriting is key to shaping and contributing to a sustainable cyber insurance market.
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.Glyn Thoms, head of GB Finex, Cyber and TMT, WTW
WTW provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Key elements of the facility include:
- Capacity: Access to up to $50m of excess layer capacity which can be deployed with complete flexibility anywhere on the programme. Capacity is provided through Lloyd’s A rated insurers;
- Efficiency: Two lead insurers are able to deploy capacity on behalf of all the facility insurers, streamlining the underwriting/information requirement process;
- Coverage Consistency: ‘Follow form’ coverage with bespoke WTW excess layer wording, including proprietary excess attachment provision, which provides greater clarity and claims certainty where differences in terms and conditions exist within an insurance programme,
- CyXS Restore: The CyXS Restore function provides the option to purchase a reinstatement of limit for primary layer coverage at a pre-agreed additional premium percentage.
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 WTW emerge into a more stable market, CyXS helps continue to support clients with accessing significant capacity in an efficient way and further adds to WTW broad suite of innovative cyber solutions.