WTW gives global CyXS facility a boost
WTW gives global CyXS facility a boost | Insurance Business Australia
Cyber
WTW gives global CyXS facility a boost
Improvements include significant capacity hike
Cyber
By
Terry Gangcuangco
WTW has announced substantial upgrades to its global CyXS facility. Initially launched in January 2023, the cyber facility now boasts new enhancements aimed at addressing the evolving complexities of cyber threats and meeting the growing demands of clients.
Improvements to the CyXS facility include a significant increase in capacity – up from US$/€/£50 million to US$/€/£75 million, a 50% rise based on client input. Additionally, the number of Lloyd’s insurers participating in the facility expanded from seven to 14.
Standalone or combined cyber physical damage cover was also introduced, along with improved CyXS restore options that offer expanded reinstatement capabilities ensuring pre-negotiated capacity replenishment for policyholders.
Glyn Thoms, head of GB (Great Britain) FINEX (financial, professional, and executive), cyber, and TMT (technology, media, and telecommunications) at WTW, emphasized the importance of the changes, saying: “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 for the London market at AXIS Capital, commented: “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.”
Additionally, Canopius London market cyber and technology head Michael Shen highlighted the collaboration’s success, noting: “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.”
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