Antares’ Lloyd’s Syndicate 1274 is backing a new affirmative cyber war cover for US critical infrastructure and essential services providers.
These include operators of power, water, gas and electricity infrastructure, which have a clear and demonstrable need for protection against hostile state and state-backed action.
Developed in conjunction with Canopius and approved by Lloyd’s, the wording provides affirmative cover and gives clients access to controlled, Lloyd’s-overseen exposure management, with a set aggregate across the lineslip and per client.
The wording also addresses the coverage uncertainty that attribution has created across the cyber market over the past decade — a difficulty arising from the complexity of linking cyber attacks to specific hostile actors. By providing an affirmative grant, it reduces the prospect of a contested attribution dispute determining whether a claim is paid, giving clients clarity of cover when it matters most.
Nick Lang, Class Underwriter for Cyber at Antares, said, “Cyber cover across the market has broadly excluded war risks, and the difficulty of attributing an attack to a hostile state — a requirement for war cover to respond — has left clients facing real coverage uncertainty. With global tensions rising, operators of essential services such as power, water, gas and electricity have a clear and demonstrable need for protection against hostile state and state-backed action. We’re pleased to support a Lloyd’s-overseen affirmative product that gives them that certainty where it has been missing.”
Martin Campbell, Active Underwriter for Antares Syndicate 1274, added, “We’re delighted to support this initiative and to help give clients access to the affirmative cover they need for cyber war, in the sectors that need it most. Working alongside Lloyd’s and Canopius demonstrates once again the world-class problem-solving strengths of our syndicated market for clients with complex insurance needs.”
