Global insurance broker Willis, operating as a part of WTW, has broadened its cyber risk facility, CyXS, increasing its capacity to USD/GBP/EUR 115 million through Lloyd’s syndicates. This expansion is complemented by an additional USD/GBP/EUR 40 million sourced from outside the Lloyd’s network.
The enhanced facility introduces two novel segments: CyXS Plus and CyXS Company, each offering USD/GBP/EUR 40 million in additional coverage. Notably, CyXS Company allows participation from non-Lloyd’s capital, while ensuring centralized underwriting oversight, making it the most substantial cyber insurance facility of its kind outside the traditional Lloyd’s market.
The addition of these new segments brings the total number of insurers backing the CyXS platform to 25. According to Peter Foster, Global Cyber Chairman at Willis, “CyXS has been a resounding success with our clients worldwide, focusing on innovation that directly addresses their evolving needs.”
Simon Delchar, Global Head of Placement at Willis, emphasized the significance of this expansion, remarking, “CyXS Plus and CyXS Company manifest the London cyber market’s commitment to deliver enhanced outcomes for our clients globally, now supported by 25 insurers.”
This development aligns with WTW’s strategic focus on bolstering its cyber offerings, highlighted by the upcoming January 2025 launch of CyCore Asia, a cyber insurance facility specifically designed for businesses in Singapore and Hong Kong. CyCore Asia offers primary insurance capacity of up to $15 million and aims to tackle the increasing cybersecurity threats in the Asian market, alongside providing a risk bursary for cyber risk management services.
The expanded capacity of CyXS comes as the demand for robust cyber risk solutions escalates, driven by a surge in cyberattacks and the increasing complexity of digital threats that organizations face globally. With global cybercrime projected to reach a staggering $10.5 trillion annually, the urgency for comprehensive cyber insurance solutions has never been greater.
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