Pointing to the declining appetites of insurers offering cyber insurance to large insureds, AmWINS announced the launch of a new dedicated excess facility, offering up to $100 million in excess cyber capacity on Lloyd’s paper.
“With some domestic insurers exiting the product line, as well as revising their appetite away from retailers and large revenue companies, we recognize the need for increased cyber liability insurance capacity,” said James Drinkwater, president of AmWINS Brokerage, in a statement announced the facility. The exclusive new product enables us AmWINS to provide up to $100 million of excess cyber liability on a follow-form basis, Drinkwater said.
“With an estimated 48-hour turnaround, AmWINS is able to handle what was once an inefficient process by syndicating the risk before the rush of an individual account placement,” he said, noting that higher limits, ease of use and large capacity help AmWINS fill a demand that has been exceeding supply.
The traditional process of brokers approaching insurers and assembling quota-share placements domestically was becoming increasingly burdensome, AmWINS noted in the statement.
This new cyber liability product targets the North American market and is backed 100 percent by Lloyd’s of London paper. Designed to provide additional large capacity, it does not interfere with retail insurance brokers’ efforts to secure capacity lower in the tower, AmWINS said.
Attachment points can be as low as $5 million, and no classes or industries are excluded, AmWINS said.
Providing additional details, AmWINS said that in addition to the following the form of the underlying coverage, features of the excess coverage include:
- Competitive commissions
- The lead underwriter being responsible for the claims handling for the entire slip
- Additional capacity outside the slip available on an open market basis
The product is available exclusively through AmWINS Brokerage’s financial services practice.
Headquartered in Charlotte, N.C., AmWINS is a specialty insurance brokerage with offices in 98 locations across 17 countries, including 72 in the United States. The firm has expertise across a diversified mix of property, casualty, group benefits and specialty insurance products. AmWINS also offers services to support its products, including product development, underwriting, premium/claims administration and actuarial services.
Source: AmWINS Brokerage