WTW boosts global cyber facility with increased capacity and broader coverage options
08 May 2024 - 9:16PM
WTW (NASDAQ: WTW), a leading global advisory, broking and solutions
company, today announces strategic enhancements to its global cyber
facility. Following a successful launch in January 2023, WTW’s CyXS
facility, a global solution for excess cyber insurance coverage,
has introduced new features, effective 1 April 2024, designed to
meet the dynamic needs of clients and keep ahead of market trends
as cyber risks escalate.
Key enhancements include:
- Increased capacity: the maximum capacity has
been raised by 50%, from 50 million to 75 million
USD/EUR/GBP in response to client feedback.
- Expanded insurer participation: the number of
participating Lloyd’s insurers has doubled, increasing from 7 to
14
- NEW cyber physical damage cover: available as
a standalone option or blended with traditional cyber coverage
- Enhanced CyXS restore options: further
expanded reinstatement options to provide clients with flexibility
and the assurance of pre-negotiated capacity replenishment
WTW has increased the capacity of the CyXS facility based on
client feedback, reflecting a commitment to providing robust
support for its global client base. The facility now also includes
coverage for cyber-induced physical damage, which is becoming
increasingly relevant as cyber exclusions become prevalent. Unlike
static offerings in the market, WTW’s CyXS facility is designed
with an agile approach to rapidly adapt to increasingly severe
cyber threats, and not only meet but anticipate client needs.
Glyn Thoms, Head of GB Finex, Cyber and TMT at WTW, said: "Our
2024 Global Directors' and Officers’ Survey underscores that cyber
risk remains a top concern for directors globally. The enhancements
to the CyXS facility are a direct response to this concern,
ensuring that we continue to lead with solutions that are not only
comprehensive but also adaptable to the varied needs of our clients
across different industries and regions."
Andy Maher, head of cyber and technology, London, AXIS Capital
said: “We are very pleased to continue as a leader of the WTW CyXS
facility, which harnesses some of the key values that Lloyd’s
markets bring to the cyber insurance space, ensuring the class
keeps pace with and anticipates our mutual customers’ needs.”
Michael Shen, head of cyber and technology, London market,
Canopius added: “Our ongoing partnership with WTW enters its second
year as a leader on the enhanced CyXS facility. We are proud to be
part of this excess cyber insurance solution, as it expands to
address a challenging cyber risk landscape and the evolving needs
of clients."
CyXS stands out as a sophisticated solution in the realm of
cyber insurance, specifically structured to help companies facing
complex challenges strengthen their existing cyber risk insurance
programs efficiently and effectively.
About WTW
At WTW (NASDAQ: WTW), we 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.
Working shoulder to shoulder with our clients, we uncover
opportunities for sustainable success—and provide perspective that
moves you. Learn more at wtwco.com.
Media Contacts
Sarah BookerSarah.booker@wtwco.com / +44 (0)7917 722040
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