Global broking firm WTW, has announced that it has launched an International CyCore Facility (ICF) aimed at international clients headquartered outside of Great Britain and the United States, with revenues up to US$1 billion (or the equivalent currency).
According to WTW, the ICF is a tailored solution which covers malicious acts, non-malicious acts and technical failures.
From what we understand, it provides cyber incident response costs including legal advice, IT forensics, data and cyber restoration as well as crisis communication costs and business interruption cover.
WTW also highlighted some other benefits of ICF, which include:
- Increased Limits: Up to US $20 million (Or CCY equivalent) in primary coverage with a single lead insurer which expedites the quoting process.
- Efficient Underwriting: Streamlined information requirements which ultimately reduces the application time for clients.
- Worldwide Coverage: By utilising Lloyd’s extensive licensing, the ICF can provide assured protection across borders (subject to sanction limitations) but excluding companies headquartered in the US & GB.
- Shared Risk Strength: A panel of specialised Lloyd’s syndicates back the facility, providing shared risk capabilities and robust quota share arrangements.
- WTW Proprietary wording. The ICF utilises WTW proprietary wording to provide clarity for it’s clients.
“Our annual D&O surveys consistently see cyber risk as a significant concern. The increased investment in AI is also causing emerging cyber risks so it’s essential that we develop solutions which can meet the needs of clients in different territories,” commented Adrian Ruiz, Head of Wholesale Cyber, WTW.
“The evolving cyber risk environment creates a need for a clear, flexible and relevant solution which can be tailored to our client needs. The ICF offers our international clients access to extensive cyber coverage for both established and emerging cyber threats.”
In their results for the fourth quarter of 2023, WTW posted 6% organic revenue growth to $2.91 billion, while net income for the period rose by 5%, year-on-year, to $623 million.
