A new excess layer cyber facility, called CyXS, was launched by WTW, providing excess layer cyber capacity for global clients.
Key elements of the facility include:
Capacity: Access to up to 50 million (USD/ GBP/ EUR) of excess layer capacity can be deployed with complete flexibility anywhere on the program. 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, provides greater clarity and claims certainty where differences in terms and conditions exist within an insurance program.
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.
“Our most recent Directors Liability Survey, in partnership with Clyde & Co, highlighted that cyber risks continue to be a top priority for organizations across the globe,” commented Glyn Thoms, head of GB Finex, Cyber and TMT, WTW.
“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,” Thoms added.
Source: Willis Towers Watson (WTW)