Global insurance and reinsurance broker WTW has unveiled strategic enhancements to its global cyber facility, CyXS facility.
The broker launched CyXS in January 2023, aiming to provide capacity and efficiency for clients around the world.
Now, WTW has introduced new features for the cyber facility, designed to meet the needs of clients and keep ahead of market trends as cyber risks continue to escalate.
One of the key enhancements that WTW has introduced, is that the maximum capacity has been raised by 50%, from 50 million to 75 million USD/EUR/GBP in response to client feedback.
In addition, the number of participating Lloyd’s insurers has doubled, increasing from 7 to 14.
As well as this, further expanded reinstatement options have been introduced in order to provide clients with flexibility and the assurance of pre-negotiated capacity replenishment.
It is understood that the broker has increased the capacity of the CyXS facility based on client feedback.
In addition, the facility now also includes coverage for cyber-induced physical damage, which is becoming increasingly relevant as cyber exclusions become prevalent.
Glyn Thoms, Head of GB Finex, Cyber and TMT at WTW, commented: “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.”
