WTW boosts global cyber facility with 50% higher capacity, broader coverage

Global broker WTW has made strategic enhancements to its global cyber facility with increased capacity and broader coverage options.

WTW’s CyXS facility, a global excess cyber insurance solution launched in January 2023, has been updated with new features to better serve the evolving needs of clients and stay ahead of market trends amid rising cyber risks.

The facility's maximum capacity has been raised by 50%, from 50 million to 75 million USD/EUR/GBP. WTW said the number of participating Lloyd’s insurers has doubled, increasing from seven to 14.

The facility now also includes coverage for cyber-induced physical damage available as a standalone option or blended with traditional cyber coverage.

Glyn Thoms, head of GB Finex, cyber and TMT at WTW, said: "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."

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